Trading Challenge - 1 (Crude oil - 1.75 L to 1 Cr in 300 trading days)
- Thread starter ScorpionKing
- Start date
first scalp of the day
5296 buy 5305 sell - 5 lots X 9 points = + 45
stop loss hit on small intraday swing trade = Aluminium main lots 153.85 buy 153.45 sell 2 lots X 0.4 = 0.8 rs = 4000 + 400 = 4400 loss
lol, above two cancel each other,
lead has been my savior today - two trades and net is some 8000 i think so far. lucky again. crude is very slippery right now - jut whipsaws. i will try to make sense of it if i can now that i am out of lead and free.
5296 buy 5305 sell - 5 lots X 9 points = + 45
stop loss hit on small intraday swing trade = Aluminium main lots 153.85 buy 153.45 sell 2 lots X 0.4 = 0.8 rs = 4000 + 400 = 4400 loss
lol, above two cancel each other,
lead has been my savior today - two trades and net is some 8000 i think so far. lucky again. crude is very slippery right now - jut whipsaws. i will try to make sense of it if i can now that i am out of lead and free.
Last edited:
NYSE pre-open just gave a jolt - a small move but nothing much happening for now. i am almost shutting shop for the day and week. i did reasonably well i guess. managed to squeeze out some 8000 net i think from the lead trades. i might as well better be safe than sorry, lol. do not feel sharp enough to scalp - week has taken its toil on me i guess - the aftermath of scalping,
my balance shows 2.32 but minus charity it may be 2.28 or so net in actual.
not bad i guess - 1.75 to 2.28 = 0.50 at least i reckon. which is approx 30% returns for the week and total so far - roughly i guess.
anyways - was a wild week - will sit and analyse the wrong-doings over the weekend - and the list was a big one, lol.
good trading to you.
(scalping - part 2)
now how long does one scalp - until the balloon pops - ie target or stop loss trigger ??
or until the candle completely forms ??
or use time to exit ??
well, no hard and fast rule here - you can use any one of these or anything better that you can think of.
i initially began with a time frame of 1 minute - in and out. whatever the price was. but i soon realized that i was entering and exiting on many trades at the same price, lol. so i began to wait for the candle to form - enter and exit just before it completed on the 3 min TF. so my exposure would be roughly 2-2.5 minutes. but i found that my market orders were getting triggered on the loss side always. since i would buy an up-spike i was buying at more than current price and i would sell when it spiked down so i was selling lower than price. boom - it was frustration really. slowly i sat back and reworked the whole thing.
what i look for is a pin bar, doji, reversal indicator like the hammer etc to give me the sign that a reversal candle is next. i jump in and hold on now. if the price does not begin to move in my trade direction i jump out asap. if it does i have my exit price ready a point or so below the current price and keep trailing it. any sign of a stall and i am out.
if i were to average the time i guess 2 minutes would be the average on a winner and 30 secs approx on the losers.
there was a brief period when i used the bollinger to scalp too. default value of 20,2. the middle band was my entry and exit. when price crossed middle band i was in and when it crossed back i was out. (logic being - at times the price bars can hug the upper or lower band for sometime) but i just could not cope up with watching bollinger and i was not any good at price action back then. i realized that a clean chart is the best to trade from. so i decided to learn PB and patterns etc and do it that way rather then the bollinger. had i stuck around to the bollinger i would not bothered to learn about price action i realize now. so whatever happened was for the best.
that is all i can think of on the scalping front.
happy trading
now how long does one scalp - until the balloon pops - ie target or stop loss trigger ??
or until the candle completely forms ??
or use time to exit ??
well, no hard and fast rule here - you can use any one of these or anything better that you can think of.
i initially began with a time frame of 1 minute - in and out. whatever the price was. but i soon realized that i was entering and exiting on many trades at the same price, lol. so i began to wait for the candle to form - enter and exit just before it completed on the 3 min TF. so my exposure would be roughly 2-2.5 minutes. but i found that my market orders were getting triggered on the loss side always. since i would buy an up-spike i was buying at more than current price and i would sell when it spiked down so i was selling lower than price. boom - it was frustration really. slowly i sat back and reworked the whole thing.
what i look for is a pin bar, doji, reversal indicator like the hammer etc to give me the sign that a reversal candle is next. i jump in and hold on now. if the price does not begin to move in my trade direction i jump out asap. if it does i have my exit price ready a point or so below the current price and keep trailing it. any sign of a stall and i am out.
if i were to average the time i guess 2 minutes would be the average on a winner and 30 secs approx on the losers.
there was a brief period when i used the bollinger to scalp too. default value of 20,2. the middle band was my entry and exit. when price crossed middle band i was in and when it crossed back i was out. (logic being - at times the price bars can hug the upper or lower band for sometime) but i just could not cope up with watching bollinger and i was not any good at price action back then. i realized that a clean chart is the best to trade from. so i decided to learn PB and patterns etc and do it that way rather then the bollinger. had i stuck around to the bollinger i would not bothered to learn about price action i realize now. so whatever happened was for the best.
that is all i can think of on the scalping front.
happy trading
was going through the charts and working on the next week analysis and potential scenarios as below
Aluminium -
this is the 1 hour chart
so it is clear that this channel is being respected for now and it is making lower highs and lower lows which is typical of a downtrend. but let us zoom in and check further
ok, so we look closely now
- the last low is not lower than the previous low
- the last high is not lower than the previous high
too early to say but yes - kind of downward move stall seems to be setting in.
lol, you guessed it right - i had to go back home to check - ok then - here is the renko 1 hour
remember the clutter zone i mentioned in some earlier post - ok, so now the picture is clear. it is entering into a volatile or in simple words - no fresh trade zone. let us zoom in to check -
ok, so - aluminium is a no trade for me unless it breaks this pattern or gets out of the no fresh trade zone. let Monday opening set the tone and we will see what to do. unless i see a good rejection upward i will be cautious and avoid trading here.
Aluminium -
this is the 1 hour chart
so it is clear that this channel is being respected for now and it is making lower highs and lower lows which is typical of a downtrend. but let us zoom in and check further
ok, so we look closely now
- the last low is not lower than the previous low
- the last high is not lower than the previous high
too early to say but yes - kind of downward move stall seems to be setting in.
lol, you guessed it right - i had to go back home to check - ok then - here is the renko 1 hour
remember the clutter zone i mentioned in some earlier post - ok, so now the picture is clear. it is entering into a volatile or in simple words - no fresh trade zone. let us zoom in to check -
ok, so - aluminium is a no trade for me unless it breaks this pattern or gets out of the no fresh trade zone. let Monday opening set the tone and we will see what to do. unless i see a good rejection upward i will be cautious and avoid trading here.
zinc now -
the 1 hr
zinc broke the channel - was looking to form the 'head n shoulders' but ended up with the 'double top' (see renko 15 min chart in this post way below to spot the double top clearly and easily at a casual glance)
zoom in view - 15 min
renko 1 hr
renko zoom in..
now i see two possibilities here - depending on where it opens on monday.. that will decide which one of the channel is validated.. although i will not enter until it breaks clear of the horizontal channel..
the 1 hr
zinc broke the channel - was looking to form the 'head n shoulders' but ended up with the 'double top' (see renko 15 min chart in this post way below to spot the double top clearly and easily at a casual glance)
zoom in view - 15 min
renko 1 hr
renko zoom in..
now i see two possibilities here - depending on where it opens on monday.. that will decide which one of the channel is validated.. although i will not enter until it breaks clear of the horizontal channel..
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