To use chat, please login.
Back to contacts

"Just Oil"

iwillsurvive
Jul 20 2011 at 18:31
47 posts
its these kind of immediate reversals that pisses me off when im trading oil. I wonder how people handle these reversals

Armada Markets 5% discount, Axitrader $1.50 discount, IC markets $1.50 disc, LMAX 12% discount, Price Markets 5% disc, FinFX (accepts US traders) $0.7 ECN disc, Global Prime $1.50 discount, SynergyFX $3.50 discount, Blackwell Global $6 rebates - Abundance Trading
FX Raider (FXraider)
Jul 20 2011 at 18:47
50 posts
I have a few suggestions...

Make sure to markup ALL daily support and resistance levels, a daily 21 EMA is also helpful and the 'big boys' use it, today's bounce happened right off of it.

I would suggest the following to mitigate if a reversal/or retracement is happening

1) A 1Minute break of the 21 EMA or HL off major support level is essentially a change of 'trend'
2) 5 Minute and 15Minute price action candles. Check out today's bounce off the weekly central pivot point/daily 21EMA. The 5 minute candle made a perfect doji. The 15minute was an engulfer. But that level getting close to the Weekly central pivot should tell you big buyers would be there.
3) Take profit at 20-25 pips on part of your position and hold the rest for a 'runner'.

I would like to open up a oil trading room during the NY session where oil traders can get together, if anyone would be interested.

Live to trade another day...
Chikot
Jul 20 2011 at 19:43
2299 posts
I use everything you say except for 21 EMA plus trend lines.
I have been taking partial profits , however, many times , most of the time other half ended BE stop and I took full losers. So, I decided to take full profits as it seems to work better.
This bounce come from nowhere as I saw no support their outside of round number 97.00. I expected it to go to 99.00 but it stopped at around 98.40.

Chikot
Jul 20 2011 at 19:45
2299 posts
You mean handle when you are in trade and this reversal goes against you?
Or you are flat and just looking for entry?

iwillsurvive posted:
    its these kind of immediate reversals that pisses me off when im trading oil. I wonder how people handle these reversals

Chikot
Jul 20 2011 at 19:47
2299 posts
Good idea


FXraider posted:
    I have a few suggestions...


I would like to open up a oil trading room during the NY session where oil traders can get together, if anyone would be interested.

FX Raider (FXraider)
Jul 20 2011 at 21:06
50 posts
We could try something on 'Paltalk' if you guys have tried before? You can do audio (The web version express.paltalk.com). Or we could do like a DimDim conference room so people could share a chart.

I'm up for it, if people are actually interested we could try it tomorrow.

Live to trade another day...
iwillsurvive
Jul 21 2011 at 05:58
47 posts
Sounds good.
Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha

Armada Markets 5% discount, Axitrader $1.50 discount, IC markets $1.50 disc, LMAX 12% discount, Price Markets 5% disc, FinFX (accepts US traders) $0.7 ECN disc, Global Prime $1.50 discount, SynergyFX $3.50 discount, Blackwell Global $6 rebates - Abundance Trading
Chikot
Jul 21 2011 at 11:51
2299 posts
It looks like you are looking for a lot of pips per trade. How many pips are you looking for???
what's your usual stop loss in pips?
I did not expect that reversal. i also checked EMA 21 and I did not see it bouncing from this EMA. It was probably round number. 98.00. There was pin bar on 5 min and buovb bar on 15 min.
I was thinking of goping long but could not find point of reference to set stop behind. it was just going and going up.


iwillsurvive posted:
    Sounds good.
Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha

Chikot
Jul 21 2011 at 12:17
2299 posts
I always tend to close trades too early these day. Again closed before my target and it is running above it already.

Chikot
Jul 21 2011 at 12:24
2299 posts
I thought this problem was over.

Topic is locked