Official Launch of My Crude Oil Trading Room This Monday Nov. 4th

[MichelGJulien 10]

I didn't have time to tweet or trade today because I was sooooo busy with all the settings one has to take care of in order to setup a decent trading room. There are many bells and whistles to get acquainted with it and I must admit it will take some getting used to on my part before I feel 100% comfortable using all the options offered by my software provider Cisco/WebEx. Today, I had to make some decisions about what charts to share with my attendees (can't use all 8 monitors for sure). Also had to make sure my charts were in a format that looks good in a webinar environment, that the sound was good, video, etc... There is a chat area, a poll function, a whiteboard and lots of other things too long (and too boring) to mention here.

 

Needless to say I am very excited at the idea of ​​having to host my first trading room session ever on Monday and I'm also a little bit nervous about it. I guess it's natural to feel that way as roughly 100 participants will log in Monday morning. I'm a perfectionist and I want everything to be... well, perfect. I just hope that the crude oil market will give us some nice and clean signals like it did today. That would help to start that new venture on the right foot. But the market is the market and we'll have to cope with whatever it throws at us Monday at the sound of the bell.

 

Bulls have started to run for the exit as the important $96 level was broken

 

Talking about the market, let's say it broke today a very important level that now opens the door to significantly lower price levels in the days/weeks to come. See you all on Monday guys. Have a nice weekend!

[MightyMouse 12]

Talking about the market, let's say it broke today a very important level that now opens the door to significantly lower price levels in the days/weeks to come. See you all on Monday guys. Have a nice weekend!

 

Do you trade within a specific timeframe?

 

Why was 96 so important to you?

 

What is to be gained in your trading room?

[MichelGJulien 10]

Do you trade within a specific timeframe?

 

Why was 96 so important to you?

 

What is to be gained in your trading room?

 

I'm a short-term trader often holding positions for less than 30 minutes. So, although I look at the big picture, I base my decisions on short timeframes.

 

96 was (and still is) important because of the number of times price stopped on it from below as well as from above.

 

In my trading room you essentially get to copy my trades, so you get the same results than me if you follow correctly. Results are here

[Guest OILFXPRO]

Hi

 

What stops do u use ?100 pips a week average performance is good , but are your maximum drawdowns ?

[MightyMouse 12]

I'm a short-term trader often holding positions for less than 30 minutes. So, although I look at the big picture, I base my decisions on short timeframes.

 

96 was (and still is) important because of the number of times price stopped on it from below as well as from above.

 

In my trading room you essentially get to copy my trades, so you get the same results than me if you follow correctly. Results are here

 

Price went right through 96. it also went right through 97, 98, 95, and etc. It (96) may have appeared to be a turning point on one or several occasions, but the market only had a casual relationship to 96. The evidence has bore a hole through your rational. It would be wiser to note the miscalculation and adapt, than to stubbornly hold precious the error.

 

You may have personally assigned importance to 96 (as in if it stays above or goes below 96, something changes) and you are free to assign importance to any thing you wish, but then you or anyone who follows you will not escape the consequences of your miscalculations in the market.

[Guest OILFXPRO]

I'm a short-term trader often holding positions for less than 30 minutes. So, although I look at the big picture, I base my decisions on short timeframes.

 

96 was (and still is) important because of the number of times price stopped on it from below as well as from above.

 

In my trading room you essentially get to copy my trades, so you get the same results than me if you follow correctly. Results are here

 

97 looks like the main resistance which turned support , it made 4 attempts to stay above 97 and finally moved higher .It came back to 97 and held as support.96 is also valid.

[MichelGJulien 10]

Price went right through 96. it also went right through 97, 98, 95, and etc. It (96) may have appeared to be a turning point on one or several occasions, but the market only had a casual relationship to 96. The evidence has bore a hole through your rational. It would be wiser to note the miscalculation and adapt, than to stubbornly hold precious the error.

 

You may have personally assigned importance to 96 (as in if it stays above or goes below 96, something changes) and you are free to assign importance to any thing you wish, but then you or anyone who follows you will not escape the consequences of your miscalculations in the market.

 

You are showing your lack of trading skills by what you are saying. Trading is not theoretical, it is practical. If you are "taking a long term position' and not trading than your point could be considered relevant. But if you are trading and you don't know what a support is then good luck to you.

[MightyMouse 12]

You are showing your lack of trading skills by what you are saying. Trading is not theoretical, it is practical. If you are "taking a long term position' and not trading than your point could be considered relevant. But if you are trading and you don't know what a support is then good luck to you.

 

96 was not support. Don't take my word for it. Look at the price record. Yet, you stubbornly insist that 96 is support. So is it resistance now too? Is that the methodical dance of price? Novice thoughts produce novice results. Again, you can't escape the consequences of your reasoning.

 

Keep simming. It is safest place for you to be while you learn to trade.

[BlueHorseshoe 10]

96 was not support. Don't take my word for it. Look at the price record. Yet, you stubbornly insist that 96 is support. So is it resistance now too? Is that the methodical dance of price?

 

Looking at the chart he's posted, my guess is that it's the other way around - he perceived it to be support because previously it was resistance. Until it wasn't. And isn't.

 

Hmm . . .

 

Even if you think of support as an area where participants have rejected lower prices, the questions remain - who are those participants, did they actively buy when they wouldn't buy at higher prices, or was there a dearth of passive sellers at lower prices, do they still hold positions established at those prices, and how will they react if price trades back down to them?

 

When I think of "support" I think of a massive buy-side institution with a 3 year outlook that will simply shrug and chuckle at a retest of that price, or an algorithm that is long since flat because they turned off and went home for the night.

 

If you can know (or guess with some certainty) who these participants are, their goals and limitations, then support becomes a workable concept.

 

BlueHorseshoe

[MightyMouse 12]

Looking at the chart he's posted, my guess is that it's the other way around - he perceived it to be support because previously it was resistance. Until it wasn't. And isn't.

 

Hmm . . .

 

Even if you think of support as an area where participants have rejected lower prices, the questions remain - who are those participants, did they actively buy when they wouldn't buy at higher prices, or was there a dearth of passive sellers at lower prices, do they still hold positions established at those prices, and how will they react if price trades back down to them?

 

When I think of "support" I think of a massive buy-side institution with a 3 year outlook that will simply shrug and chuckle at a retest of that price, or an algorithm that is long since flat because they turned off and went home for the night.

 

If you can know (or guess with some certainty) who these participants are, their goals and limitations, then support becomes a workable concept.

 

BlueHorseshoe

 

Support is a loosely used term in trading. In the context of this thread, it is being used as a tool to act as a buyer. It's best to think of support as an after-the-fact phenomena. Where either, as you noted, buyers who wanted to be long stepped in or where short sellers decided to cover. What they did last time, may or may not influence what they do this time. And, they may or may not even be present to act one way or the other.

 

Support fails when there is an abundance of supply. No buyer who knows what he is doing will step in to buy when there is an abundance of supply waiting to dump; likewise, no short will cover if he expects more supply. He/she would rather wait to buy at lower prices. He/she (the trader who knows what they are doing) would never buy at 96 because that is where price turned last time. He/she might expect weak buyers (who we can categorize as supply and not demand since they cover quickly) to act (buy) at such a price, but if categorized correctly, the buyer will piss his pants and dump soon. Weak demand, then, is essentially future supply.

 

A weak buyer is not necessarily an unskilled trader. Weak pertains to his/her conviction to direction. An HFT fund, which holds for no more than 20 seconds can act as weak as a 1 lot trader who trades using a moving avg cross over on a 5 minute chart.

 

Frequently, just below "96" or below or above any pictorial support or resistance level, there is an excellent area to liquidate a trade in the opposite direction of the support or resistance.

[Guest OILFXPRO]

Support is a loosely used term in trading. In the context of this thread, it is being used as a tool to act as a buyer. It's best to think of support as an after-the-fact phenomena. Where either, as you noted, buyers who wanted to be long stepped in or where short sellers decided to cover. What they did last time, may or may not influence what they do this time. And, they may or may not even be present to act one way or the other.

 

Support fails when there is an abundance of supply. No buyer who knows what he is doing will step in to buy when there is an abundance of supply waiting to dump; likewise, no short will cover if he expects more supply. He/she would rather wait to buy at lower prices. He/she (the trader who knows what they are doing) would never buy at 96 because that is where price turned last time. He/she might expect weak buyers (who we can categorize as supply and not demand since they cover quickly) to act (buy) at such a price, but if categorized correctly, the buyer will piss his pants and dump soon. Weak demand, then, is essentially future supply.

 

A weak buyer is not necessarily an unskilled trader. Weak pertains to his/her conviction to direction. An HFT fund, which holds for no more than 20 seconds can act as weak as a 1 lot trader who trades using a moving avg cross over on a 5 minute chart.

 

Frequently, just below "96" or below or above any pictorial support or resistance level, there is an excellent area to liquidate a trade in the opposite direction of the support or resistance.

 

One needs the skills to use support and resistance pofitability , beauty is in th eye of the beholder , profitable support and resistance entries are the eye and art of a successful trader.I see about 100 support and resistance entries every week , yet I only take 5 to 6 of them after reading context.

[MightyMouse 12]

One needs the skills to use support and resistance pofitability , beauty is in th eye of the beholder , profitable support and resistance entries are the eye and art of a successful trader.I see about 100 support and resistance entries every week , yet I only take 5 to 6 of them after reading context.

Very nice. Wannabe vendors banding together.

[Guest OILFXPRO]

Very nice. Wannabe vendors banding together.

 

I don't want to be a vendor , just cause you don't have a profitable skills , infact most decent traders would rather trade and make billions on 100 to 1 margin.

[Guest OILFXPRO]

96 was not support. Don't take my word for it. Look at the price record. Yet, you stubbornly insist that 96 is support. So is it resistance now too? Is that the methodical dance of price? Novice thoughts produce novice results. Again, you can't escape the consequences of your reasoning.

 

Keep simming. It is safest place for you to be while you learn to trade.

 

Take the chip off and learn.Nice chartsin Julien's room.

[JamesBrrando 10]

wheres the trading room at?