Crudeoil Intradday Trades based on GANN Square 9 Strategy

[Sammy.Young]

Sammy.Young, I am posting a crude 5 min chart of 1st June !
It is a 5 min chart with trades marked. Safe traders could have easily made ~70 points taking just 10 points profit per trade. More enterprising traders can surely make more but must have discipline!
Some candles have same open and close, when both are in upper half of the bar we take that as UP bar and if the open=close are in lower half we take that as Down close.

No Gann was used, one point filter was used while entering. The High or Low of the Signal bar was taken as SL !

Hi M'am,

in lower BB, the 3rd arrow candle is not touching the band at all...opening & closing of that candle is above the lower BB, so is that also a valid set-up or was it a risky (BUY) entry?

 

[hmp]

If one can overcome greed, I think half the battle is won! The other half is won when we overcome fear ! Again easier said than done. Frankly it was comparatively easier for me to overcome greed than fear ! Though my dad being an ex member of Kolkata Stock exchange should have helped me in overcoming fear easily but that was the difficult part!
On advise from a senior here who before asking the strategy and suggesting minor changes in it , asked me about my DAILY ROUTINE telling me that the same was equally important in setting the trading rules!

I started trading Crude just for 5/6 points a day and did this for 6 weeks, almost 30 trading sessions! I had a profit of ~110 points in my kitty and that changed it all ! Only a single trade was done a day. (On back test I found I could have done >600 points if I had a target of 10 points and did multiple trades a day. But that would compromise my other areas of life which had more priority than trading! This is a reason I advocate that all trading rules have to be Trader specific and not only strategy specific.

Then I graduated to 10 points profit and 1 trade only, if it did target good , if it hit SL also good, in either case you are not to trade a second time!

It was very frustrating on days where you exit with 6 or 10 points and your trade goes on to hit 20 30 or more points!

Then 10 point target remained but on SL hit I reversed to cover !
Then 2 trades for few weeks and then it was open as per my wish !

I did fail on occasions when I took trade because I saw on CNBC :Crude to fall further and shorted or did not cover my short at 10 points and the trend reversed to hit my SL !

This all was termed as mental exercise to tone up your 'resolve to be disciplined' !

All trading rules are printed and a copy is below my table glass! One copy duly laminated and mounted on a hard base is beside my laptop!
I have a check list papers slip with me while trading and I physically tick the rules like :
01. Is the Candle touching the BB top? 02. Has the candle closed lower than its open? etc. etc. etc.

and then on top of my screen on the edge of the Laptop I have taped a paper typed in bold : Dont be in a hurry to place Order, check the set up again !
Honestly it did help initially but now a days it has almost become invisible to normal view , has become a part of my laptop ! Have been suggested to change the colour size or design of the printing very often so that it again starts catching my attention !

I dont have this facility as I trade all alone but according to another senior here, it helps immensely to trade in group connected online ! No trade taken till all participants say its a valid trade as per Rules! Same for exit targets!

Things written above might not look feasible to work for all but they did work for me , transformed me, boosted my confidence and not only in my trades but other spheres of life too!

Great! simple way to trade it seems but difficult to follow when matter comes to discipline.
You have made a habit of sticking to it,that's why it is paying you consistently.Keep it up.
There is one more thing i would like to have clearance from you.In case green candle touches upper BB then what you do? you wait for red candle to take action? Which candles (red or green) close you consider to calculate levels?
Thanks & regards.

 

[rh6996]

Hi M'am,

in lower BB, the 3rd arrow candle is not touching the band at all...opening & closing of that candle is above the lower BB, so is that also a valid set-up or was it a risky (BUY) entry?

Yes, you are correct! I should not have marked it but did it inadverently as this trade was taken by me! As per the rules it is not a BUY !
After trading it for so long consistently, there are certain 'cushions' I allow my self and more so when I am already having some profit in my kitty for the day!

 

[rh6996]

Great! simple way to trade it seems but difficult to follow when matter comes to discipline.
You have made a habit of sticking to it,that's why it is paying you consistently.Keep it up.
There is one more thing i would like to have clearance from you.In case green candle touches upper BB then what you do? you wait for red candle to take action? Which candles (red or green) close you consider to calculate levels?
Thanks & regards.

There can be N ways to trade as per BB ! You can find on TJ some really excellent and innovative threads on BB, search them!

To start with I would suggest to wait for a Red candle to be in touch with the upper BB to trade to start with ! Now this is a great exercise in self control and discipline! You will see Green candles touching upper BB and gradually moving down to touch the lower band but market not giving you a trade as the candle that turns Red is away from the Upper BB ! This requires patience, self control and hones and strengthens your discipline.

Once you are confident of the strategy and have some cushion by way of profits in hand you can amend the rules, by tweaking them as per your comfort zone ! The rules I have posted are the basics rules that I started to trade with. The rules I started with are not exactly the same with which I trade now. However every time a rule is changed or added , it is printed and kept handy !
Yes, I am lucky to be keeping discipline but it wasnt an easy task to reach this stage!

 

[Sammy.Young]

After the set-up, a trade move against us and hit the SL, then do you suggest to take the opposite trade or wait for the new set-up?
During backtest, I noticed that reversing the trade may go against us at times, if not always.
Also, the SL in 5 min TF is smaller than 15 min TF, so which one you suggest for better results?

 

[umeshmandal]

After the set-up, a trade move against us and hit the SL, then do you suggest to take the opposite trade or wait for the new set-up?
During backtest, I noticed that reversing the trade may go against us at times, if not always.
Also, the SL in 5 min TF is smaller than 15 min TF, so which one you suggest for better results?

I dont trade it, but my 2c : Dont reverse in 5 min TF to start with. Do it after you are comfy with the set up!
In 15 TF , I did suggest to reverse to cover the SL points!
Let us wait for RH's input on this.

 

[gkpc]

RH, Do u use any filter to decided whether a candle is touching the BB? I am a fan of using some small filter ever since I was mentored by a senior member here :uashish .

 

[rh6996]

After the set-up, a trade move against us and hit the SL, then do you suggest to take the opposite trade or wait for the new set-up?
During backtest, I noticed that reversing the trade may go against us at times, if not always.
Also, the SL in 5 min TF is smaller than 15 min TF, so which one you suggest for better results?

SY, Yes I am reversing on SL hit ! Though I agree with Umesh Mandal that to start with just trade the set up and accept the loss due to SL hit and move on to trade next set up.

 

[rh6996]

RH, Do u use any filter to decided whether a candle is touching the BB? I am a fan of using some small filter ever since I was mentored by a senior member here :uashish .

Yes! Thanks for bringing it up, though I did not write on this as the same plays havoc on discipline as anything even near the BB looks like a valid trade. In reply to Sammy I said that it was Not valid trade when candle was not touching the BB! However I do take any candle low or high within 1 point of BB high or BB low as a Candle touching the Band !

 

[bharathi2005]

GM rh6996 mam asper 8.45 pm candle was buy setup on Friday. Gann buy level was 2707 for this i take 8.30 pm candle close was previous day close and 8.45 pm candle close was current market price its correct? And Upto friday market closing buy was not triggered can i go buy if monday mornning buy trigger? Thankyou