Saturday, October 01, 2011

Sim Trade 9/30 (Fri)

Simply, I just don't like it that CL opened at a strange place, and that it's a Friday. On any other days, I would bet on price trading towards pivot, completely filling the gap in the process. But not only is today Friday it's also the end of the month. So, no trade.

CL

TT,
Thanks! You are not the first to say you are clueless .....:-) Whatever "strategy" I had deployed before or am using now, I have always tended to trade towards pivot. When I had included Globex data, my approach was a lot messier. So I am exploring completely ignoring globex actions and focus on just gaps at US open, pivots, and opening ranges. I still look for reasons to trade in the direction of where pivot is (though not necessarily targeting to exit at pivot every time), and will trade away from it only if it's rejected - especially at open - because it is also where the key support/resistance is (e.g. gaps).

Share |

9 comments:

BT said...

Hi Jules,
Just dropping a line to say that I (as being a part time trader myself) love following your blog. It's all mixed up with your daily overall things, activities, what have you's in between your trading sessions, and it's just fun to read like the way you type it up here. You are an interesting personality. Keep up the good work, lookin forward to tomorrow:). Have a nice one!

TradeThief said...

Jules, Thanks for explaining your style a bit helps me understand your charts more. Totally different from my style though, looking for momentum/continuation in trends is the only strategy in sim/backtesting that has shown CONSISTENT profits for me, all other strategies have failed.

todd said...

Hi Jules, hope you are well :)
Might I ask, what hours are you CL sessions set to? Is that 8am to 2pm? Eastern Time I suppose?
I'm having a tricky time creating my own custom session and I thought pit hours were 8:15am - 2:15pm ? :/ Anyway, thanks :)

Jules said...

Hi BT,

Thank you :-) I appreciate the kind words :-) You have a great week too.

Jules said...

Hi TT :-) Was at your blog. Blogging has been therapeutic for me - hope it helps you too.

Jules said...

Hi Todd,

Long time! :-)

Open outcry trading for CL starts at 9am ET, although it's common to see activity slightly before 8:30am ET due to news and data release.

The other open is at 6pm ET, which is the open for electronic trading, and also the open that platforms like Think or Swim uses.

Personally, I prefer to use 12am ET as open when I trade (Europe) globex hours because it's just less messy to exclude the very quiet 6pm-12am ET period (Asian session). Asian sessions are good for trading ranges though, for obvious reason :-)

For US open, I will use 9am ET as open. Cleaner, if you trade gaps (and I remember you do - esp half gap?) :-)

You are trading oil now? Hooray!! :-)

todd said...

Long time indeed :)
Not trading CL just yet, but setting myself up to.
Do you end your session at 2:30pm EST when Open-Outcry closes?
Thanks again!

Jules said...

Yes, Todd, 2:30pm ET is the end of open outcry and where I end my chart :-)

Oil is really quite nice to trade given that it is really quite predictable (so much so that you'll know when it's going to unpredictable. :-)).

todd said...

Sounds intriguing :) I believe my personality is better suited to following 1 (or a very few) markets. And my setups appear promising in the CL (of course setups should transcend individual markets :)