Crude Oil Scalping Trading System

[wick]

I've been working on developing a trade system for Crude (CL). I've spent months watching crude and trying different things. I was hoping I could get some tips from other Oil scalpers or perhaps get some thoughts from others. I have a few goals in mind.

First goal is 10 ticks a day. Consistently making 10 ticks a day is all I desire. I can always add more contracts for more profit later.

I want to risk as little as possible (obviously). 10 ticks can happen in a second with crude so having a 2:1 RR or better has proven difficult. Currently I'm using a bracket order with an 11 tick target and a 10 tick trailing stop. This seems to work well (at least better than 5 risk for 10 ticks).

Now the current problem. I need to find high probability setups to enter on. I'm using a 133 tick chart and heikin-ashi candles. CCI and ADX. I've tried many setups, with limited success.

I'm someone who gets really anxious when I'm in a trade, so scalping seems to be for me, I have almost no pressure. I can get in and get out and then go on with my day and not dwell on a current position. I'd really appreciate any tips or any sharing of current strategies. I feel like I'm getting close and would hate to give up and go back to stock trading.

 

[Truccio77]

Hey Wick,
I am not an expert on this forum but I was broking and trading in an oil related market for abt a decade in total. It's now 3 years I trade crude as long as other futures.
I started exactly like you are doing now. With very bad results.
My Idea was to look for explosive movements , I had a trading plan similar to yours. I used to buy and sell 1 hour highs and low breakouts . Then I tried to do it with the day breakouts ( previous day high or low etc. Then I tried indicators based strategies , some classics, some taken from Ryan Watts , or Larry Williams, etc. Nothing seems to work consistently.
The only breakout scalping strategy that I have seen working consistently enough is the fractal breakout in the direction of the main trend. The bigger the fractal the better the trade ( fractal not simple high or low).
But honestly even that , on the long run doest pay out. Breakouts are points of high volatility so you need to allow more space to the trade, hence your profit factors and risk/reward changes. On the long run I am sure it doesnt pay off.
The adx and all those indicators to me are not so good for quick scalping as they carry too much lag. They work only if the trend if strong and long enough .
I might be wrong by I think the sweet spot is 1 to 3 risk reward. That would save you even if your risk of success is low and even if your emotional side is a bit weak ( be sure you will take all your loss but rarely you will be able to take out all your profit).
I would look into log lag trend indicators. Maybe the books and material of John Ehlers could provide some inspiration?
Just my opinion based on my experience , other more expert traders on this forum would give you better advices probably.

 

[JDNeeman]

Hello, wick and truccio are you still trading Oil??, i would like to share my strategy with you, let me know.

 

[Lightning McQueen]

Just my opinion based on my experience , other more expert traders on this forum would give you better advices probably.

what a muppet

the idea is you supposed to hide that spammage, you clueless clown

 

[wackypete2]

what a muppet

the idea is you supposed to hide that spammage, you clueless clown

ROFL!!!!

Peter

 

[wackypete2]

With so much spam advertising (and hidden to attempt to get around site rules) for that particular site I think t2w could probably do something proactive to stop it.

Peter

 

[sorhash]

Hello, wick and truccio are you still trading Oil??, i would like to share my strategy with you, let me know.

Can you share your expertise please, your strategy.

Thanks!

 

[neil]

With so much spam advertising (and hidden to attempt to get around site rules) for that particular site I think t2w could probably do something proactive to stop it.

Peter

Perhaps Paul should hire someone full time to delete spammers:whistling

 

[wackypete2]

Perhaps Paul should hire someone full time to delete spammers:whistling

Reporting their activity to their ISP usually gets good results. Also there's a website in particular that seems to have tons of spammers for it. Reporting that site's activity to their ISP or webhosting company could possibly get the entire site shutdown. THAT'S how you have to fight this stuff!

Peter