I guess if u have a system that works for you, then hats off to you…
…I tend to keep things simple and use just basic indicators…also, I am prepping myself for a prop trader account trading Oil futures, 1000 barrels = 1 contract. $50K funded account. Max daily loss allowance is $1000K, Mass total draw down is $2K…So yeah…margin is HUGE, risk tolerance is very low…which is NOT good and not something I would do with my own money, but this is the rules of the prop trader firm. It is a case of proving profitable trading under their rules, or no funded account.
…yeah…the LTF charts are a nightmare, BUT because I am looking at the LTF charts, I notice the utter rigged nature of this market…on any major move, their is nothing organic about it whatsoever. It is basically ‘the house’ with perfect knowledge of where all the tiddlers are playing, cleaning them all off, followed by a great big fkn KABOOM in whatever direction they intend on sending crude.
The past few days, I have been sitting patiently looking to trade trend line breaks in Crude Oil, one short, the other long. Missed them both. Both shot right through the trend line on 1 minute candle, moving the lion share of $1 each time…this isn’t the aggregate actions of millions of buyers and sellers. This is the action of one giant, with perfect market knowledge. And this is almost always the case with crude oil futures…nearly every consolidation pattern ends up being a ‘megaphone’. Break out from any ‘honest’ consolidation tends to be untradeable…(I suppose you could just hit trade on breach of trendline, but get in habit of trading trendlines on first breach, and you won’t be in the game very long).
Crude oil has to be one of the most rigged markets that I have seen…seems very strange to me that it is so popular with retail traders.