lets have some fun with crude...!

linkon7

Well-Known Member
#1
its been a long time since i last visited traderji.
I trade mcx segment only now a days... and need some help from a few younger mcx traders who are willing to put in long hours backtesting a few rules... its pure intraday system.
 
#3
its been a long time since i last visited traderji.
I trade mcx segment only now a days... and need some help from a few younger mcx traders who are willing to put in long hours backtesting a few rules... its pure intraday system.
OMG... i cant believe..legend is back :) .. bring it on sir
 

VJAY

Well-Known Member
#4
its been a long time since i last visited traderji.
I trade mcx segment only now a days... and need some help from a few younger mcx traders who are willing to put in long hours backtesting a few rules... its pure intraday system.
Welcome back linkon ji...:)
Hope you will share your experience in trading in these years...completely shifted from cash/fo market to mcx?
 

linkon7

Well-Known Member
#5
Welcome back linkon ji...:)
Hope you will share your experience in trading in these years...completely shifted from cash/fo market to mcx?
We all choose our poison... I trade MCX segment only for the last few years... I am totally out of touch with FNO and cash segment...

I am a day trader and I need the volatility for my kind of trading style.
 

VJAY

Well-Known Member
#6
We all choose our poison... I trade MCX segment only for the last few years... I am totally out of touch with FNO and cash segment...

I am a day trader and I need the volatility for my kind of trading style.
same here but with banknifty :)
 

linkon7

Well-Known Member
#7
Trading the MCX crude has a few challenges for technical traders.

Our market stays open for only 14 hours in a 24 hr market. That means we have to deal with holes in our charts.

Add to that, we have INR-USD price movement that changes the whole structure of past data. A price level that was support yesterday is suddenly shifted by a 1% dollar move today.

So essentially, we have to look at WTI crude or brent crude for our structure. We have to keep in mind if the INR-USD pair is showing strength or weakness today to plan our trading stoploss / target.

I personally follow the WTI crude for my structure and then shift to our MCX chart once the overnight price action is factored in.

I have a low-strike rate. I rely on risk management and higher RR to end the day in profit. I normally play for a fixed profit target and once achieved, i put in a payout request to my broker and end the day.

I like to start the day with a message from my broker that yesterdays profit is credited to my account.

On days where i loose money, it eats away my next day(s) profit till its payday again.

This is something that works for me... We all choose our poison and that is what works for me.
 

VJAY

Well-Known Member
#8
Trading the MCX crude has a few challenges for technical traders.

Our market stays open for only 14 hours in a 24 hr market. That means we have to deal with holes in our charts.

Add to that, we have INR-USD price movement that changes the whole structure of past data. A price level that was support yesterday is suddenly shifted by a 1% dollar move today.

So essentially, we have to look at WTI crude or brent crude for our structure. We have to keep in mind if the INR-USD pair is showing strength or weakness today to plan our trading stoploss / target.

I personally follow the WTI crude for my structure and then shift to our MCX chart once the overnight price action is factored in.

I have a low-strike rate. I rely on risk management and higher RR to end the day in profit. I normally play for a fixed profit target and once achieved, i put in a payout request to my broker and end the day.

I like to start the day with a message from my broker that yesterdays profit is credited to my account.

On days where i loose money, it eats away my next day(s) profit till its payday again.

This is something that works for me... We all choose our poison and that is what works for me.
Thanks linkon sharing your new style of trading.....and giving insights of crude
 

linkon7

Well-Known Member
#9
Now lets look at a few things that are very important to my trading system.

1. Narrowest Range of the last 7 trading session aka NR7
This gives us an approximate target for today's session.

2. Opening range of the 1st 1 hr aka ORB
this gives us our impetus for the day. The opening range location compared to previous day's session gives us a relative idea on how we will trade the day. It also gives us our first stoploss and entry location.

3. High of the day aka HOD and Low of the day LOD
this gives us our stoploss and possible entry again depending on the structure of the market so far.

4. 10 bar high aka 10HHV and 10 bar low aka 10LLV
This gives us a potential entry for our add on to our trade if market proves our direction right.
it also gives us a potential range if we find ourselves in a spot where price is camping at our trade zone. we can use it to our advantage and do a few quick add-exit to lower the risk of our main trade.
 

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?