lets have some fun with crude...!

[kumudhan]

Linkin sir,the AFL you provided,gives error,when extracted.The problem is with my system or anybody else?

the link works ok bob111...but the problem here is to identify which is the afl used in this topic...

 

[linkon7]

the link works ok bob111...but the problem here is to identify which is the afl used in this topic...

The afl i am using here works in my amibroker version 5.30 only.That too it needs a few DLL files. Dont have the setup files any more... so cant help you there...

 

[crudeonly]

Hello linkon sir , first my very big thanks to start this thread as this thread will be very useful to leaners like us . For learning your system, im highlighting your previuos post points , what to see before enter into trade

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

So we have to adjust WTI charts where closed after our closing time 11.55 candle with next day opening where would be , eventually in first 1 hr this differnece would be filled or if any changes in moves also factored in first 1 hr candle .

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.

also have to watch USD/INR openings and moves , as this would opposite proportinon to crude due to Rs value change

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.

Have to take lowest full day range of previuos 7 days for next days possible target

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.

Next day 1 hr ORB gives which side to trade long or short , ok .

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.

HOD / LOD means 1st 1 hr candle low high , if price breaks 1sst hr high then 1st hr low becomes sl ,(same reverse for short) right sir ?

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.
HHV/LLV means think highest high value of consequent 10 bars and lowest lows of 10 bars ? where it comes ? ie 10 bars between 1st 1 hr bar ?

These are my understandings till now , if possible please tell more about HHV LLV sir , Thanks in advance .

 

[crudeonly]

Today also NR7 107 range for possible tgt , yesterday wti closed -0.61% which would be 3663 to our opening , as usd/inr no change in today opening considered to yesterday close ( 70.561 ). Today opening range is 11 pts , which opened at 3655 lower than yesterday close , so our trade should be in sell side below 3651 with filter 2 pts 3649 ? with stop 3662 with 2 pts filter 3664 ?

 

[linkon7]

Hello linkon sir , first my very big thanks to start this thread as this thread will be very useful to leaners like us . For learning your system, im highlighting your previuos post points , what to see before enter into trade

These are my understandings till now , if possible please tell more about HHV LLV sir , Thanks in advance .

HHV is the highest high of the last 10 bars... we reference 1 bar before...that way our current bar is excluded from that value...
same thing with LLV....

We use 2 donchian channel... one with 36 bar value and another with 10 bar value to get a feel of the market...
general thumb rule is... if we make a new 36 bar high.... then we want to stay long and we buy blindly at the 10 bar donchian channel low.... with the hope that 36 bar high will be tested again... and we get our exit...

The opening range is needed primarily give us time for USD - INR and WTI price to adjust to our MCX price... since, support and resistance of the day before has shifted higher or lower depending on todays INR-USD shift in value...
So if we are trading at 3500 and USD is opens 1% up... all our support resistance of day before has shifted up by 35 point.... That's why we prefer not to borrow any candles from day before and concentrate on price action of today only...

crude is very volatile in nature and we prefer to keep our stoploss at today's High Of the Day (HOD) or Today's Low Of the Day (LOD).
We dont want to use any stoploss in between as they have a chance of being taken out. If you notice, many times, we are bullish and market moves 100 points in our direction and you were trading long...but you got stoplossed a few time because market took out your stoploss and moved forward...

but sometimes...when we have a big move and we want to trail price, we use the pivot that gave us our HOD as stoploss... if we continue to make new high, we will trail it with the pivot that gave us our HOD...

Sometimes, we want to take a contra short position...we can use this pivot to initiate a short position... That way we now can now use the HOD as our stoploss.

Since we are targeting a whole days range, chances are, we will make some money end of the day even if we hit a few stoploss...

 

[crudeonly]

Thanks a lot for your patient replies sir , though some posts not able to grasp , will try to follow this thread regularly and learn little by little , once again thanks sir .

 

[doss186]

Usually Crude checks for stoploss @ 0.5 percent. That's if we are long the price will retrace to 0.5 percent and then swing up and vice versa if we are short she will check for stoploss 0.5 percent and swing down. Today may be of inventory day she extends the stoploss to 1 percent.

 

[crudeonly]

Usually Crude checks for stoploss @ 0.5 percent. That's if we are long the price will retrace to 0.5 percent and then swing up and vice versa if we are short she will check for stoploss 0.5 percent and swing down. Today may be of inventory day she extends the stoploss to 1 percent.

Ok bro , so minimum we have to put 15 -20 pts sl is safe ?

 

[doss186]

After long fight between bulls and bears the bulls are winning at 3662!

 

[doss186]

Ok bro , so minimum we have to put 15 -20 pts sl is safe ?

Yes but your SL will be eaten. Hold on some strategy which protects from being eating stoploss.