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calling a top in oil here?
- Thread starter nolajy
- Start date
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hate to toot my own horn, but off to a great start.. shorted 3 contracts
may 108.71 10:44.05
108.69 10:43.049
108.74 10:44.06
yup i tooted the horn too early and the market is exploding higher on me.. I will be exiting MOC today or within last 5 mins...
just hought i'd let you know.. my 3 pos might move the market!!!
may 108.71 10:44.05
108.69 10:43.049
108.74 10:44.06
yup i tooted the horn too early and the market is exploding higher on me.. I will be exiting MOC today or within last 5 mins...
just hought i'd let you know.. my 3 pos might move the market!!!
Whats the point of calling a 'top' if you are daytrading? (judging by MOC orders)
So what, if it goes your way, you shorted from 110->107.
How is that different than shorting from 95-> 92 ??
thanks for the input... i call a top eventhough day trading because.. the trend is made up of days of data which is made up of minutes of data.. if i am right then i sell rallies intraday.. and hold i do not scalp.. however.. the other day at my high equity point my 3 pos were up 3k.. i watched that get eroded up to the close... if the mkt had closed down extremely hard then i might have held over night or used my proceeds to buy a bear spread.
i adamantly believe following the trend even intra day is of utmost importance.. so if oil in up trend buy dips/if down sell rallies....HOWEVER, AT EXTREMES IN PRICE IT IS PRUDENT TO BE CONTRARIAN AND GO AGAINST THE GRAIN.
i adamantly believe following the trend even intra day is of utmost importance.. so if oil in up trend buy dips/if down sell rallies....HOWEVER, AT EXTREMES IN PRICE IT IS PRUDENT TO BE CONTRARIAN AND GO AGAINST THE GRAIN.
So let's see. You're calling a top of some kind in oil, you short at 108.71 and you cover at 108.56.
If you feel oil is toppish, why would you liquidate a trade that moved in your favour?
That's a classic newb mistake.
Did you ever hear that you can't go broke taking a profit? Don't you believe it.
I do commend you for trying to step in and short when everyone else is scared to do so. It seems bizarre that you closed the trade out though, since you called the thread 'calling a top in oil'. Maybe you should have called it 'Scalping oil from the short side'.