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St. Louis, Detroit, NYC
Experience: Beginner
Platform: Ninjatrader
Trading: Gold, Crude, Euro
Posts: 4 since Feb 2017
Thanks Given: 0
Thanks Received: 0
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Hello everyone, I am a new trader (less than 1 year of live trading) and I created this scalping strategy, I was wondering what you guys thought of it. This is for crude oil.
Quick Rules:
Avoid trading 5 minutes of open/major news
Avoid fading far from structure (support/resis)
Setup:
1) Identify channel, be on the lookout for long tails sticking out of the support/resis lines of channel.
2) Take trade in direction of trend (got burned WAY too many times)
3) Enter 1 cent below top of tail, stop 2 cents above entry, target 1 cent above bottom of channel.
This works well, but is there anything I am missing (being more selective on trades, tighter/looser stops/targets, anything really)?
I take around 10-20 trades a day usually ranging from 3am-6am to 8am-11:30 and 1:30pm-2:30pm, are these times optimal? or is there a better time to trade.
I appreciate all feedback and I really wish to hear back from this community, Cheers.
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