This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
It looks like a Trader Vic 2B reversal was confirmed Friday in the oil markets.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I made several trades today, and in retrospect there were only a couple that I would not have taken. However, my two best trades were harami candlestick patterns. On both trades, stochastics and MACD were diverging from price - especially the second one.
This seems to be one of the more reliable patterns that I consistently find. I wonder why I don’t trade it exclusively! No more wondering. For the rest of this week, I will be trading the harami pattern only. Now that I’ve said that, oil will move in one direction, without any pullbacks, as I sit on the sidelines.
Check out the VO to see if I stick to my plan. Btw, I need to step up my game, because DT is weeding out the weak. I will be lucky to make tomorrow’s cut. It also looks like Misstrade will have some competition from MomoJuicing.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I just checked The Drudge Report, and I see why oil has been rising steadily. Is it any wonder with all of this conflict going on? Some may attribute rising oil prices to tensions rising in the Middle East, or even tropical storm warnings. Don’t let them fool you. It doesn’t get any worse than this.
I don’t care who wins that battle, because my vote goes to the White Stripes. You can’t be a pimp and a prostitute too!
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I quit! Not trading of course. Tonight I removed the workspaces I use to trade oil. One of the reasons I chose this instrument when I started trading futures was the volatility (read potential). However, the liquidity on the miNY crude contract is terrible.
With the recent swings in the indices, there is plenty of opportunity to make money. Besides the liquidity, the reward:risk ratio seems much better.
A few losing oil trades, and I’m down huge which affects my pysche. We’ll see how long this lasts.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I don’t want to turn this into a personal trade log, but I will attempt to show different types of trades as they occur. Oil gapped down this morning, and I faded the gap when the reversal on the PnF chart printed. I placed a hard stop underneath the lows of the morning.
This trade only paid out .45 on .25 risk. Not quite 2:1.
As you can see from the PnF chart, the gap fell right into major support. I exited as it stalled around the middle of the overnight session’s trading (white lines on PnF).
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Each day I try to look back at what I did, and see if different chart views would yield different results. Specifically, I want to see if there was a better way to capture the move while limiting my risk. Take a look at this 5′ view of the same trade. The setup was just as clear, and the risk was practically the same. The main benefit to using the 5′ charts is the ability to monitor the equity markets at the same time. With a 1′ setup, one market requires my full attention.
It broke out on heavy volume on the 5′, and pulled back to pimp moving average support. On the PnF chart, it completed a double top breakout.
I will try to write a post this weekend regarding my thoughts on PnF charts. They have helped my bottom line, but in a way that was totally unexpected.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I spotted this nice bull flag that yielded a 72.5 cent gain. I’m not posting the PnF chart since it didn’t factor in the trade. Oil broke out from the opening range, and pulled back on lower volume. It printed a perfect bull flag on the 1′ chart. Note the increase in volume on the break. This was a textbook example. I sold into the momentum, and price expansion.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Coulda, woulda, still glad I didn’t. This is a solid trade setup, but it doesn’t meet my current risk parameters. I’ve got to see more of these, and think about how I can minimize my risk.
One of the drawbacks of trading futures is the inability to use proper position sizing to keep your risk within certain levels. Big traders like Zoomie and Richard can get away with it, but small timers like me can’t trade any smaller.
Anyway, here is the trade. I saw it in real-time, but didn’t pull the trigger. At 11:00 am, crude filled the gap, and stochastics was not confirming the highs. That was the first warning signal. It sold off for a bit, and was forming a base that was bumping against the trend line from the morning lows. The TL is highlighted in blue. Look at the PnF chart. At the same point (blue line), the PnF chart was giving a double bottom sell signal. An initial target would be the previous swing low (yellow lines on both charts.)
Although it was a solid trade, it paid out slightly over 1:1 depending on where you took profits. Its just another example of how point and figure charts can help identify support and resistance levels to enhance your trades. Or possibly how candlestick charts can improve your PnF performance.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Oil has climbed all the way back to the 62% retracement and chart resistance. It appears to be stalling here. I would expect it to roll over here, and retest the lows. This looks like a low risk opportunity to get short. My stop would be $60 on a closing basis. The chart is on the next page. I am still learning how to use wordpress, and obviously don’t have it figured out yet. On a positive note, one bad dude has said that I suck, and will never learn to use wordpress. He’s probably right.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com