Monkey King's Oily Tales (Day Trading Crude Oil)

[Monkey King]

Turned yesterday loss to some 200 RS profit I think. By this logic I should tell myself I am running a loss even before the day begins.

Today I am throwing the 200 as well as 50 ema out . Just the 20 ema remains, let me see how I do today.

 

[Monkey King]

long on crude @ 4150 just now

edit - stop loss at 4115. reducing trades per day now on. will keep to a max of 2/3 trades approx.
have shifted to 1 hr chart and 20 ema for this.

 

[Deelipenergy]

long on crude @ 4150 just now

edit - stop loss at 4115. reducing trades per day now on. will keep to a max of 2/3 trades approx.
have shifted to 1 hr chart and 20 ema for this.

1hr chart will give you entry and exits positionally, intraday bit difficult.
i am monitoring 21 ema hourly basis for past two months.
results are fantastic. But not intraday

 

[marimuthu13]

1hr chart will give you entry and exits positionally, intraday bit difficult.
i am monitoring 21 ema hourly basis for past two months.
results are fantastic. But not intraday

But he can get in and get out for quick 20 point using1 HR tf..i assume he is looking at EMA slope with respect to price , not just price above or below ema

 

[marimuthu13]

long on crude @ 4150 just now

edit - stop loss at 4115. reducing trades per day now on. will keep to a max of 2/3 trades approx.
have shifted to 1 hr chart and 20 ema for this.

My expectations is crude may dip upto 4128...before breaking day high..

 

[Monkey King]

1hr chart will give you entry and exits positionally, intraday bit difficult.
i am monitoring 21 ema hourly basis for past two months.
results are fantastic. But not intraday

true, i am using heiken ashi in lieu of normal candles - i think i forgot to mention that. even the 20 ema is just for a day or two and next week on i am planning to just use heiken ashi - working on 30 min or 1 hour, fine tuning the right time frame this week using live trades. lesser circus on the chart, lesser confusion. planning to strictly trade the system and take losses if need be.

true, i guess at the end of the day it will have to be trend or swing trading that one has to resort to eventually.

 

[Monkey King]

My expectations is crude may dip upto 4128...before breaking day high..

true, you are spot on. crude may try to fill the gap possibly. reason i have my sl well below the low you mention. but crude is a funny kid - behaves erratic. let us see. my 1 hr heiken ashi exit will signal my exit. until then i will remain in the trade.

 

[Monkey King]

But he can get in and get out for quick 20 point using1 HR tf..i assume he is looking at EMA slope with respect to price , not just price above or below ema

since i am using ha candles, i am already lagging . no point using another lagging indicator to my lag, lol.
yes, ema crossover is the last thing to look for. distance from ema and slope is where and ema is truly useful in.

 

[Monkey King]

Trade update

Shifted sl to 4130 (buy @ 4150). Giving trade some breathing room for pullback if needed, lol

edit - 1330 hrs - sl shifted to 4151, if this does not break 60 then i guess i do not want to get hit on the way down .

bad trading as far as the unwillingness to accept a loss, but for today i need to accept this flaw as my capital is small and i do not want to live dangerous in view that this trade was taken at a major resistance. a big win or no win is the best i feel right now.

was in on 18 lots, scaled out 3 lots @ 4163, holding 15 mini now

edit - exited another 5 mini @ 4161, holding 10 now

edit - all out @ 4161

some 1800 in pocket roughly on this trade, no exit signal on chart but i chickened out, lol. need to correct this asap

 

[Monkey King]

day target achieved, so do i shut terminal or trade a clean set up if i find one?. may just do that and be sensible maybe. or may let that clown in me out and risk the day profit

on day like these i like to remind myself how tough it is to make a 100 rs too on some days like it was yesterday. that should help me from overestimating my ability and keep me in check. and to be real, this was a lucky trade today - not a good one. there - that punctures my ego now. but that is a fact - sad but true, just was a lucky trade, a lucky day