Crude oil evening session for employed for part time income

#91
Though I wonder how zerodha guyz creates their charts :D
Any close at any given time should match but i think there is something wrong with their charts .. i can not see the right closing on 5 min charts :D
 

GENIETRADE

Well-Known Member
#93
Loosing grip on discipline or not adhering to own trading rules are more dangerous than consistently loosing trades. In the first instance you are more of an addicted gambler and in the second instance it is simply a loosing spree. It is always better loose money in loosing spree than loosing like a gambler.
 

GENIETRADE

Well-Known Member
#94
The commodity market has become very volatile and unpredictable in recent past. MCX has removed Crude Mini and increased margin crude mega apart from removing MIS orders. To trade crude, we need hefty margin . This forced me to trade in Silver Mini, Gold Mini.
I will discuss few points including strategy for silver and gold as i get time.
The biggest hurdle for a day trader is to watch the following chart and dream about making lot of money. This equally applies to stocks, options etc.

Even if you made money on this eventful day, you would surely give up the profits and some more from capital on next few days.
 
#95
The commodity market has become very volatile and unpredictable in recent past. MCX has removed Crude Mini and increased margin crude mega apart from removing MIS orders. To trade crude, we need hefty margin . This forced me to trade in Silver Mini, Gold Mini.
I will discuss few points including strategy for silver and gold as i get time.
The biggest hurdle for a day trader is to watch the following chart and dream about making lot of money. This equally applies to stocks, options etc.

Even if you made money on this eventful day, you would surely give up the profits and some more from capital on next few days.
What is that moving average ? is it 20 SMA ?
 

stoch

Active Member
#96
What's your outlook for oil guys? Will we see rebound after the world gets out of lockdown? Holding two small WTI longs with Hotforex, hope April 20 story won't repeat (hope the market learned lesson).
 
#97
The origianal (first post) of the strategy and i quote it

From what I can make out so far is , it needs closing of 5:59pm .. (6pm)... and draw a horizontal line of that closing. Take it as a reference.. u can take this closing price on any timeframe. U dont need to have hourly candle for the same. Correct me if i m wrong ... :)

Cheers
I tried but it's not giving good results. If anyone could explain how they are following this now that would be very helpful.
 

GENIETRADE

Well-Known Member
#99
Crude oil volatility based strategy.
Take maximum of two trades per day. If 1st trade wins no more trades. If 2nd trade also fails apart from 1st trade loss, no more trades of that day.

Take closing price of 6 PM hourly candle ie exactly at 6.59 PM closing candle.
Add 20 points to the closing price to get buy price and keep the target of 20 points. SAR will be 6.59 pm closing price.
or
Deduct 20 points from the closing price to get short price and keep the target of 20 points and
SAR will be closing price of 6.59 pm.

If buy triggers first, keep SAR as closing price of 6.59 pm and keep target of 20 points.
If sell triggers first, keep SAR as closing price of 6:59 pm and keep target of 20 points.

If buy hits SAR reverse the trade at 6.59 pm closing price with SL at buy price. and target of 20 points.

You may question me why 2nd reverse trade. I would like to clarify that there is no guarantee to hit your tgt in reverse trade.
We are aiming Rs.2000 profit per day. If first trade fails, we are taking risk of reverse trade to cover that day loss. If second trade also hits SL we give up for the day.

If you feel vulnerable with volatility on inventory days please avoid trading on those days.

This period belongs to high net worth operators. We need to act quickly and book your profits or losses. You are likely to witness increased and nasty swings in this period. In case you realise you missed the trade or profit target to book or your reversal trade is not filled and I suggest exit the trade with market order even if it is loss. Never be tempted to increase lot size how juicy the trade may look to you.



Buy trigerred first (2) and hit SAR at (1). We are now short at (1) and our new profit target is (4) but not (5)
 

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