The unsure monster ..SIM +110 but then barely alive 10 dollar

Should draw Trendline ...

Erratic Wed EIA - not holding the baby long

2 sim trades --- I found that some CL traders respect Fibo 50%

+ 400++ usd in SIM - A Fluke ?

So what ?

Yesterday , I examined my chart.
I marked my arrow on the chart where I thought CLwill come to it....
Then I closed the chart and the PC.
I opened my chart in the this morning.
I found that, for the 1st time since 2009, the monster following my mark.
Oh yeah it was a SIM.

Xperimental setup is tested in December

December is a slow month for trading...which make it a good time to test an Xperimental setup.
This setup is executed in sniper style....
1 or 2 bullet in a session, then considered DONE.
Since 2009, this is the 1st time I will test this kind of setup...
As I will enter my 5th year of trading (sim, live) , probably this is also my bamboo tree...
The concept of Bamboo tree that things happen after 4 years is easier to graps than concept of '10,000 hrs


also refer to:
http://emekatalks.wordpress.com/2013/05/27/a-lesson-you-must-learn-from-the-chinese-bamboo-tree/
http://www.merakoh.com/2013/07/09/the-chinese-bamboo-tree-looking-for-growth/

I tell you a secret....

If you lost in a dense tropical jungle tropical (like here in Malaysia)
In order to going home..
what will you do ?
You find the river first. You need water and food.
Food ? Fishes in the river are food.
Then what ?
You locate the mountain. or the highest peak.
You need to lock your position relative to that mountain.
From a high peak, you know the sun direction or if a rescue helicopter can comes to you ;)
Once you know the high (mountain) and low (river) of the jungle,
your survival rate will be better...
If you are a trader, your jungle is your chart.
So what about the high and low of your jungle...
That's the secret. Only you know the secret of your jungle.

Hi Lo Close bar....

I have a fair share of Ups & Down....Damme ! Nice Song from Enya

Added an indicator to volume section - to warning possible 60% chance of choppping heads session

CL dont play like forex - so BBand out

the 9,897 hrs setup

there 5 filters in this setup, to take away thinking process from the brain when tired.
I WILL sim TRADE WHAT I SEE...the last stage to collect data.This self tailor made 610 tick chart  is used with standard 5 and 15 min chart

Add 500tick to 5 min charts and printing "money"

I will add 500t chart in addition to 5 min chart.

and I will print 500t chart - 10 charts each on Monday, Tuesday, Thursday and Friday.

Before each seesion I will read trading rules, glimpse 10 charts and PRETENDING LIKE Al PAcino that I have 10million buck in my account ;).

So when trading time, all I need to do is kill that mouse and has no worry of money.

Today i read a good post for every wannabe CL trader..it pointed to the same points in this blog ....

https://www.bigmiketrading.com/trading-journals/17308-day-trading-crude-without-indicators-882.html#post365470

DetroitMoney 

I was curious mfbreakout. Do you trade real money daily? IF so how long have you been in the live CL market? DM

" Question which are specific to a trader asking the question should be asked via PM. Questions like, what is your OR, what is your indicator on your chart, what time did you enter the trade etc. should be asked via PM." Please

follow this next time. I will answer since i need to answer another question also.


Have been trading CL for 2 years. Yes.

I will take this opportunity to answer some related issues since lot of traders are struggling day after day and they

watch BTR411 clearing 100 ticks per set up, mf breakout clearing $500 here and $700 there etc.


I have said it many times but it's worth repeating. Without proper equity account a day trader makes his job harder

beyond imagination.

With a 20K account most brokers will let a trader trade 3-4 cars. My recommendation always has been

1 car for 25 K equity account. This means one need to have 50K account for 2 cars. I have traded myself and

see other traders push the envelope in terms of trading maximum size and then not been

able to handle the PRESSURE.


Even more important than equity account is ones financial situation outside trading account.

I personally ONLY know of 2 traders who are successful beyond anyone's imagination. One has a full time business

and trades 4-6 cars a set up and does very well. He has very little pressure to make money and does very well.

The other one is full time trader for last 30 years and it's tough to describe his success. I have compared

my trades with his. In majority of the cases we are on same side of the trade but his results are just out of this

WORLD. He has no pressure because most IMPORTANTLY he knows what he is doing plus financially he is like FORT KNOX.

He did not started with 10K, 20K to make millions. He started out financially VERY secure, learned his craft like all of us and never looked back.


He has NO FEAR. NONE. Why? because as long his premise and set up is correct market can move 100 ticks against

him and it will not make any difference whatsoever in his life, his account. He can loose 5 days in a row on full size

and it will not make a difference. By the way one will have to go way back in his trading career to find 5 loosing days in a row.


I am financially quite secure but have lost a life time of savings in REAL ESTATE during 2007 bubble. So i still have

SCARS left plus large losses during first year of trading.

I know every set up of these 2 traders and trade them daily but i can not match their performance primarily due to

losses i had in the past. The day i get over that HUMP watch out.

I got lot of e-mails from traders and they keep on struggling primarily due to in sufficient equity accounts and i am

pretty sure that their financial situation is not conducive to day trading . I will say to the traders who have reached out to me that you know everything you need to know. Take care of financial side first.


Bottom line day trading CL is not hard. It has ATR of 140-200 ticks on more than 70% of the days.

It should not be HARD to grab 40-70 ticks a day from this provided one is financially very secure and use

common sense in day trading.

3 traders. Same method, set ups but different execution based on fear.

Mfbreakout= Trading with moderate fear, moderate results.

Mentor #1= Some Fear, good results.

Mentor #2= No fear EXCEPTIONAL results.


I bet a traders execution gets screwed depending upon the level of FEAR on has while trading. A common sense trading approach

plus strong financial security will take care of FEAR and your method will look like the best in the WORLD.

Right environment for the right edge - schedule changed

Environment is important for trading.
Edge is also important.
But EIA wednesday messing my edge.
So I will be trading on Mon, Tues, (Rest), Thu and Fri (Rest), (Rest).
Nice.
I'm not afraid to change my mind. ;)

Checking wick's color

Post edit; The color of wicks is not matter on direction. The most important is the position of the wicks - its direction & location.

NOW WHY am not profitable yet....

After connecting some dots...me and you knew that I'm a so so trader wannabe...
behind my mind I knew a solid reason  -- my account is small !

TGIF

After few years, and after deep consideration I now will award myself a rest day on EIA day 9usually Wednesday). So I will simreal trade only 4 days/week - mon, tues, thu and Friday.- 8.45am  to 10.45am each day. (2hrs)
CL Friday session will lull my mind to sleep and it has different characteristic than other days. (Suddenly mkt move - hey Mr Market celebrate my decision!)

Mixed results - Pre NG Report

I should include H & S pattern.

post edit : HS is a valid pattern in CL - bordering BB line and without proper Doji

Sim +ve RR1

this is a SIM...trying RR 1

Wrong side of fence - again & again

If unsure , I need to wait 9am..this is a typical price action..no wonder I repeat the same mistake...there are some hints there

I found the tool that may show me the Holy Grail ;)

Since a long long time ago, I had this idea of SR line can act like a fence.
You and I know that at this point, the price action will act...
Then I jumped ....exactly at the Wrong Side of the fence.
The entry direction is totally bad, even though the entry place is totally good.
To have a good entry....I need to have more skills at reading direction by observing...

1) Wicks 2) Wedges 3)InsideBar 4) Head Shoulder 5) Doji  6) Big Candle Engulfing 7) DOMOTO Double or More Touch 8) HiHi LoLo witches 9) Fakey

However, there is one thing MORE important than the entry.
The exit.
I need to know where I should exit. Or do I need to leave it to my manager ? (Mr Stoploss).
Difficult to think during trading without visual aid...
However, yesterday I found the tool that I looking for afters years gone....the Reward risk tool ...lurking somewhere in the Sierra chart. It looked like this...
I have to thank the an anon trader that ask SC for this tool...
And kiss goodbye to that "Cut loss, profit run" rhetoric.

Again , this is only a RR tool...it will be a good tool if I have a good skill using it..

Come to my trading room

Nothing fancy....still use XP and DSL .
The pic taken after trading hour, so no live chart or DOM

- at left printer to print notable setups,
- hearing local radio station during trading is helpful...
-simple rules on the wall...changes often ;)
- direct line to call Chicago if there is any fire ;)
-May put a wall paper with a lake view  and switch to optic fibre ..if I have +ve trading income  later ;)
(the carrot)

update Apr 2014: using fiber optic now  much smoother

5 MIN TEST 1

good !

Before trading - aWareness of what's on your mind

that facebook q is important before I trade... i aware that 5min is a better TF than 2min..must use 5 min now on

Next in que..Humpty Dumpty setup with 4 elements with default 2 min TF or 1 min or ticks ...hmmm.