Trading Challenge - 1 (Crude oil - 1.75 L to 1 Cr in 300 trading days)

#21
nice thread.. and all the best .: )

doing a bit of scalping too with renko charts..
what value u use for intraday for renko price movement for any commodities ? I generally use the % for the cmp and set up renko for the intra
hi kingkrunal,

very few traders use renko and even fewer trade using the same. i am kind of used to them and i find the renko really handy and clutter-free. i use the 1 min TF mostly or on the higher side the 3 min TF. a few brokers offer the option of selecting the brick size but mine does not. so it is just default value that i have to go with. but it is alright and not a deal-breaker because the automated value is more or less close to the ATR anyway.

for swing/trend trading i use and treat a 15 min TF renko as a 1 hour TF candle chart. tired now but i will try and update during the weekend on how renko can be used to set up the candle stick chart or rather how i do it. maybe it will be of some help to someone out there.

mine is usually a naked renko with just support and resistance levels. i use a single SMA at the most as an overlay usually when i scalp. i do not go by it but just to guide me roughly if i am in doubt.

the problem in using the renko bars to scalp is so different and not the conventional way as say with candles. some folks hate the disappearance which truly can be irritating. but somehow i do not find it an issue. i use candles at times too with a 5 SMA overlay at times when volatility is too high - eg, inventory - crude oil etc.

hope that helps - good trading to you.
 
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#22
@ScorpionKing great . If you don't challenge yourself then how will you grow. The Journey is important as it gives a learning always. I hope that you will share your journey troughtfully and will learn from your trades.

hello rick115,

good day and thank you. yes, i will try to share as much as i can and also try to learn from you guys. i am a horrible day trader, lol. i never get a holding trade correct usually. happened today too. i hope to learn more from you guys than the other way around. if together we can inspire, guide and teach each other in some small way - it will be wondrous for us and yes, thank you to the boys who started and run this forum. look forward to you sharing your views and knowledge.
 
#23
gm all,

yet to start scalping - let us see how the day goes today. ill update trades for today in this post (using edit of course, lol)

phew, was a flurry of scalps - 5 i think (the red in lead is affecting my pysche i think - which is sad and funny)

first - loss / second loss / third,fourth and fifth winners = overall, just 200 in the pocket after charity, lol
is it going to be one of those days, lol. most scalps on 2/4 lots today. two were long and 3 were shorts.

i do not mind how my friend a swing trader laughs at me and scalpers in general. he makes what i do in 1 trade. but then - this is the only way i can ride this market, lol.

lead is at a break level as per my renko. if this level does not hold i will walk out bleeding i guess. will take me a long time to try out swing trading after this blow - if it comes. but then - no pain, no gain, lol. hope i learn from that in case it does or does not happen, fingers crossed.

edit - lead has been rejected and is on the way up, so i guess i am lucky. intend hold it for now.
crude inventory today so will wait until later to begin scalping, hope things go well - let us see

lead is at the crucial 144 resistance - with the crude inventory due in an hour or so - i guess i will rollover lead to tomorrow and wait it out. i cannot concentrate on more than one script - another weakness.

2018-10-11 (14).png
 
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#24
how to set up candle chart using renko

first set TF to 15 min and select default renko bar value

a) zoom out until all renko bars painted
b) pull to left until you have some empty screen space to the right
c) drop trend lines at most obvious levels and zone if lines too close to each other for eg -channel - this zone is a no fresh trade zone

now your chart looks thus -

2018-10-11 (2).png


now select candles instead of renko, it looks like this now -

2018-10-11 (3).png



now you can overlay whatever indicators or oscillators you trade with (you have the strong support and resistance overlays to guide you)

eg - i have put up 5/13/21 ema for just illustration and zoomed in - viola, chart for intraday is set and renko helped us mark areas of value

2018-10-11 (10).png


just another of those endless ways to set up a trading chart.
 

NJ78

Well-Known Member
#25
@ScorpionKing Good stuff here, bro. I've got to ask, since you're scalping, execution time & glitch-free platforms are a must. But the latter can be an issue with some discount brokers. Do you use any broker other than Zerodha for your trades?
 
#26
hi NJ78,

i was on zerodha but quit them when they upgraded to kite3. there were a of of problems during the initial phase when kite3 was implemented (charts not refreshing etc) . that is when i chose upstox. i trade with upstox since then - even now. just use zerodha charts which are superior. i do not know of any others as i have not tried any other db or brokers. zerodha is the best hands down but since i use basic charts upstox is not too bad either. yes, the zerodha app is eons ahead of upstox which is really basic.

if you like basic - upstox will suffice, need advanced - no other db than zerodha i feel, they beat others to pulp, lol.

i scalped with both and never found any real glitches with any of them. yes, the odd days when some minor problem would crop up. like today i got logged out automatically after i entered my first scalp. luckily i stay logged on on my mobile as a back up as well. but today i got logged out there as well. by the time i logged in i lost 11 points on a 5 lot trade. it is life - stuff happens. but this is very rare. so keep a back up option like a mobile no matter which broker you use. most days it will save you. well - a few freak days like it happened to me today are what i call market risks i accept grudgingly.

just my personal view after trying out both

good trading to you

yes - have helpline numbers - chat address pasted in your trading plan should some mishap occur
i use upstox main web page chat towards this and they are very quick to respond - this is a while back

2018-10-11 (11).png
 
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niftytaurus

Well-Known Member
#27
Hi SK
Thanks for starting this thread.There are very few scalpers traders here.we couldnt find more information about scalping.So its very nice of you to start this thread.
I have some query?
a) how many points of sl you keep in Crude for 4 points target?
b) how long does your trade last?
c) your method is complete objective or some discreation is also included?
d) do you have some prefer time slot for crude to trading? i.i what time do you trade crude ?

keep sharing & posting your experience & knowledge.All the best for your endeavour.
thanks
 
#28
whoopie do,

squared off lead - early i know but i wanted to be free for inventory and also i got a decent gain. did not want to trail SL either. more of a lucky trade than a good trade as per the trade plan. so i remain lucky once again.

this was my exit - did not want to wait for the next level test and got out while the going was good.

first swing trade, lol - buy @ 143.9 sell @ 145.5 X 2 lots lead main. next swing trade will i be careful to time my entry. this was a winner but a bad trade as per trade plan rules. goes into the lucky winner basket now that it is closed.

2018-10-11 (15).png
 
#30
crude scalps today (post inventory)

sell 5296 buy 5287 X 10 lots X 9 points = 90 points
sell 5283 buy 5277 X 5 lots X 6 points = 30 points
sell 5271 buy 5268 X 10 lots X 3 points = 30 points

sell 5261 buy 5268 X 10 lots X 7 points = -70 points

sell 5291 buy 5286 X 10 lots X 5 points = 50 points

overall 130 points gross but i get some 70 points net, lol - the price of scalping. not a bad day so far. crude was not volatile today. but then, every day is not a Sunday, lol. taking a breather for a few minutes so i am here. before i forget or get tired i thought i should post the scalp trades here and be done with this self imposed job.

crossed 20000 i guess in net profits today so cannot complain although i love the scalp money and today my scalp kitty is small so it hurts my pride, lol. but then i know i will hunt again after the 10 pm candle, lol. the night is still young and i have a full hour and some more, let us see.
 

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