lets have some fun with crude...!

[Smart_trade]

Hi Linkon,

Welcome back....seeing your post after a long time....keep posting regularly.

Smart_trade

 

[linkon7]

Hi Linkon,

Welcome back....seeing your post after a long time....keep posting regularly.

Smart_trade

So nice to see a post from you....

 

[singsanjay09]

Welcome back sir, waiting for chart.

 

[singsanjay09]

repeated post canceled

 

[doss186]

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.

Sir what time frame you are talking about. 10 bar in 5min chart is too late and 10bar in 1min chart is too early. So I’m interested to know your 10bar timeframe. Thanks...

 

[linkon7]

Sir what time frame you are talking about. 10 bar in 5min chart is too late and 10bar in 1min chart is too early. So I’m interested to know your 10bar timeframe. Thanks...

10 bars in 5 min TF.

I have not come to the system part yet. Just a brief overview of certain things i look at for making my trading decision.

 

[doss186]

10 bars in 5 min TF.

I have not come to the system part yet. Just a brief overview of certain things i look at for making my trading decision.

Instead of 10bar in 5min TF we can play better in 22 bar in 1 min TF.

 

[linkon7]

Lets start with a simple concept of Range and Range Extension (aka RE)...
Price has a tendency to camp in a range and then it pushes in a direction and we have a range extension... a series of such range extension creates the trend.
Pivot that gave us the RE is our stoploss....

 

[linkon7]

I wont be trading today... so will discuss yesterday's trades 27th December.

On Monday, 24th December, We had gap up day and ended with 6% move down breaking year's low and making a new yearly low.

25th was a holiday.

On 26th We had a 2% gap down day and ended with a 4% up day. Technically, its a signal for a temporary bottom formation.

On 27th, we either continue the upmove fueled by big bears short covering and big bull's fresh long formation. or we see big bears using this rise as a fresh entry point for shorting and big bulls trying to exit losses.

 

[linkon7]

Our opening range is 28 points wide, i.e. 1st trading hours range is 3245 to 3273

nr7 or the narrowest range for the last 7 trading days is 96 points, made on 21st December
So our potential target is (3245 + 96) 3341 on the upside and (3273 - 96) 3177 on the down side as of 11.00 AM in the morning.

Since we made a higher range compared to yesterday's range, our bias is on the long side.

Two possible what if scenario breaks out...
HOD Breaks, then long Entry for 25% qty is placed at day's high+ 2 points filter. we will add to trade based on 10LLV reject in this scenario with day's LOD as SL.

LOD Breaks, then we wait for first green bar to go long on 50% qty. we will add to trade based on 10LLV reject with fresh day's low at SAR (since this is entering into yesterday's range)