Trading Challenge - 1 (Crude oil - 1.75 L to 1 Cr in 300 trading days)

[ScorpionKing]

a lead buy 147.65 and exit 147.75 X 2 lots - mistimed entry - was an against trend trade so entry wrong was a big error- hence did not want to be caught on the wrong side - took a chance that support will give it a small bounce. not a good trade as entry mistimed - but made most of it i guess. like always - small gain and big relief,

 

[kingkrunal]

a lead buy 147.65 and exit 147.75 X 2 lots - mistimed entry - was an against trend trade so entry wrong was a big error- hence did not want to be caught on the wrong side - took a chance that support will give it a small bounce. not a good trade as entry mistimed - but made most of it i guess. like always - small gain and big relief,

lol... completely agree with u on the small bounce.. i had lost lot in past due to this stupid thought

 

[ScorpionKing]

yes kingkrunal - we fall and learn the hard way. i had got hit this way before i learnt to be careful.

well, this is how lead looks to me as of now. not trading lead now as volume too less for my scalps. i will get into crude in a while - safer.

 

[ScorpionKing]

crude is in the midst of a pullback perhaps - profit booking ??? after the big fall. it is better to wait for a while to see how it shapes up. maybe i will wait for the nyse session to get a sense of where it is headed. for now it looks thus to me.

 

[kingkrunal]

crude is in the midst of a pullback perhaps - profit booking ??? after the big fall. it is better to wait for a while to see how it shapes up. maybe i will wait for the nyse session to get a sense of where it is headed. for now it looks thus to me.

View attachment 29698

it is good 1m charts on renko for intra... they wont repaint after the 1m candle has formed and the price movement
..

 

[ScorpionKing]

bad bad me,

my obsession with trying to be a positional trader messed me up badly today. two good trades - near perfect entries for the scalp mode and was about to exit when i do not know where from this lost and zombie positional trader voice reverberates in my head and says hold on to the exit for some time more and book bigger profits - a few moments later i am staring at disaster (by scalping standards of course) - this happened not once but twice. lesson learnt after the two upper cuts and profuse bleeding, .

ending the day with i think a profit of approx 3740 net but this duality will need to be resolved asap. i do not know why i mixed them up today, usually i do not - because i do positional occasionally - say one to two trades a week. greed ?? overconfidence?? confusion ?? mixed identity ??
anyways - i will reflect on the blunders this weekend and find a solution quickly.

shutting shop for the day - goodnight all.

 

[ScorpionKing]

i was just trying to look at the overall picture today and this is what it looks like -

renko - 20 points (crude) / 0.50 points (lead). overlay for both - 5 SMA

crude

lead

from the open -

crude looks bearish
lead sideways (looks like may go up from resistance)

wait and watch and confirm - i will give it an hour for the fog to settle down and re-check

good trading all

 

[ScorpionKing]

paper trades only today -

(not allowing self to trade real today - price of the mess i made yesterday)

buy lead - 147.65 X 2 lots (SL 146.25)
edit - intraday trade
- would have got stopped out i guess. bad trade - did not wait for level breach confirmation

ok - let us see when the next one comes up

edit - taking a break..will come back fresh on monday and go trade with a proper swing trading plan or else go back to scalping. either way i will trade serious and not like i wasted away time this week.

 

[kingkrunal]

paper trades only today -

(not allowing self to trade real today - price of the mess i made yesterday)

buy lead - 147.65 X 2 lots (SL 146.25)
edit - intraday trade
- would have got stopped out i guess. bad trade - did not wait for level breach confirmation

ok - let us see when the next one comes up

edit - taking a break..will come back fresh on monday and go trade with a proper swing trading plan or else go back to scalping. either way i will trade serious and not like i wasted away time this week.

loop me in if swing trading

 

[ScorpionKing]

loop me in if swing trading

ha ha - you made my day, - we would be like the blind army marching into darkness, lol.

on a serious note i am working on this swing trade statergy seriously.

step 1 - use renko box of 0.50 rs for say lead (crude is 20 points) - only 1 min chart TF
step 2 - mark major support or resistance areas using trend lines
step 3 - overlay donchian channel (default value of 20,20)
step 4 - overlay 8 SMA

now we trade only in the trade zone (there are 3 zones on the chart) - as long as renko bars are hugging the outer we stay in a trade
the middle zone is a no trade - up or down.

back - testing seems good and clear. only thing is i feel that one lot initially should be the max irrespective of capital. that way we can let it run for some 25 odd trades and correct our personal shortcomings.

when free go through this and let me know how it looks to you. if you are ready we can take trades Monday on-wards and run a week of live testing and check . do let me know if you can tweak it better.
(i would honestly prefer just the SMA but initially i think it is better to fix these baby wheels for a while.

as a trader the journey is very lonely and when new at least it is better to have someone evaluate your view for a change - it is quite helpful.
do let me know how it comes across to you.

SL will be slightly more than one box below current box - say 1.5 boxes below approx.