O|R of CL

other quick day. Big mike thanks for pointing this market out. How are you doing? Have you add other contract?

I have a question on the stops, target and entries
1) entry is 1 tick above or below the opening range
2). stop is 1 tick above or below the opening range
3). target is euro open

is that correct.

Thanks

my understanding is target is 5 ticks

here is post from mike

Most of us it seems are trading some version of an OR breakout. Some are trading only ES and some, like I am trading ES and CL.

CL has been a revelation so I went back and looked at a few random months in the past to see how it would fare compared to ES.

The rules I used are as follows. 1M OR. All in/All out.

1st ES target equals extension of OR range. If that was a win, done. If that was a loser, the next break was taken with a target of 2X OR range extension (gets between +/- 2-4 range). If 2nd trade failed, 3rd breakout was taken, again 2X target. OR > 2 points was passed on.

1st CL target was 5 ticks. If that was a win, done. If it failed, next trade was taken with target of 1/2 OR range (larger than 5 ticks). 3rd trade never came into play.

3 months worth of trades comes in with ES having 50 winners and 33 losers for a gross total of $1,035 per contract.
The same time frame for CL comes in with 48 wins and 4 losses for a gross total of $1,880 per contract.

The kicker is that for my account the margin required for CL is slightly more than 50% of the margin required for ES. So for every 1 ES that I can trade, I am able to trade 2 CL contracts. So for equal margin the totals are $3,760 for CL to $1,035 for ES.

Food for thought, enjoy today's football!
edit

Thanks duck appreciate your posts. did you check my post explaining today's actions

Tin your trades were correct. 1st a loser, 2nd a clear winner.

2nd trade was 2 late for me so I passed and only took the 1st.

Trading N8 July18. Trade quoted was Thursday's

Originally posted by duck

big mike what contract your trading?

""1 Day ; today, was clipped for a shorter winner as price just couldn't peck through 65.22 despite 4 attempts.""
i got the 1min O\R at 65.70-65.76 this is july contract i am trading.

Todays trade : winner

EURO O/R 65.48 - 54.41 - 3 am candle (EST)
US O/R - 65.12 - 65.06 - 9am candle(EST)

So along trade as per euro filter

9.21 candled filled at 65.13 stop at 65.05 target 65.18

9.25 candle filled at 65.18 trade done

Nicely done.

thanks big mike. Did you take the same trade?

Todays trade : loser
Euro O/R : 66.44 - 66.47
US o/R : 66.01 - 66.08
as per euro filtyer long trade is favored

long at 66.09 stop at 66 target 66.14
filled at 9;02 candle at 66.09 target hit but no fill at 9;03 candle
Stopped out at 66 at 9:10 candle

there was another trade developed at 9:43 that's is a real winner but didnt take it

Great Info, Question: On the FTSE100 - what is the index indicator for market direction for the day?, do you know the code?
In Australia for the ASX200 the SPI200 SFE SPI 200 Index Sep '20 (APU20) futures contract is used as a general indicator for market direction for the day - particularly at the open. Is there a similar indicator for the UK market? thanks in advancew.