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.