Monkey King's Oily Tales (Day Trading Crude Oil)

[Deelipenergy]

expect it to touch / test 3990 / 4000 today (200 ema on the 1 hour) as per my charts , let us see

Edit @ 1615 - still holding as chart show no reversal. May have to hold untill the pit and/or us open I guess

Edit - @ 1750 - trailing sl put up @ 4065. Short at start of day was 4067 so set it at breakeven and not area of value. Whatever happens now will be I guess. No exit unless I spot a firm reversal. Might get stopped out looks more likely though, lol. First and last trade of the day either which way. Will shut shop if target met or sl triggers.

Edit - exited @ 4050. Done for the day.

what was the stoploss for morning shorts at 4067 ?? crude went upto 4105

 

[Monkey King]

Ended day 002 with some 4200 net I guess

 

[Monkey King]

what was the stoploss for morning shorts at 4067 ?? crude went upto 4105

Since I was on the 15 min I had my stop loss ready but not fed in for fear of sl Hunter. I was going in for a stop loss at an area of value asf -
When price breached 20 ema how would the slope of the 50 react. When price did break 20 I noticed a bearish crossover take place on the 50 and 200 ema. That proved to me that the bear analysis at entry trade was valid. When 200 ema was tested I asked myself - would I buy or sell a fresh trade here and I found that the instant answer was sell. So I held on and waited for the reversal. I could have been dead wrong but decided to trust the chart patterns and my ema's. Turned out I was lucky.
To sum it up, it was a lucky day and the trade was nothing but tons of luck.
I was on the side of the major trend on my chart. That saved me from pure slaughter yesterday.
Lesson learnt - do not forecast a rejection and trade after concrete proof of rejection only.
Lucky so far, will be cautious today. Will be dangerous due inventory and the present chaos in crude off late. If in doubt I may not trade today. Let us see how mcx opens.

Here is my chart, easier for you to understand why I held, much clearer than my confusing explanation.

 

[against_tides]

is

Ended day 002 with some 4200 net I guess

View attachment 35876

700 brokerage??how many lots??

 

[Monkey King]

is

700 brokerage??how many lots??

10 mini lots per trade and had some 5 trades (scalp trades). Per trade I take as about 150 approx brokerage. (125 or so to be precise actually)

Just to clarify, by brokerage I mean sum of all taxes. Not just broker cut.

 

[Monkey King]

Charts on all tf"s pointing in one direction, bearish. Looks too tempting.

If things look too simple, then a trap could be on the horizon, lol, usually is.

Staying out for now, may hunt if I find a juicy scalp or else sit out.

 

[Deelipenergy]

Better to stay out today, after inventory in the evening direction will be clear.
staying on sidelines when risk is more is a wise decision.

 

[Monkey King]

Better to stay out today, after inventory in the evening direction will be clear.
staying on sidelines when risk is more is a wise decision.

true and well said. i completely agree. these big boys will look for slaughter and draw in herds so that is a reason i do not trust the charts on wednesday. maybe the overall trend will prevail at end of day but these guys will rock the boat so much in between that it is not worth the risk.

looking at nat gas or zinc mini which should be safer for today.

 

[jyotixxx]

what is the red line on williams %r ?

 

[Monkey King]

what is the red line on williams %r ?

it is the moving average overlay - 20 ema.