CL is wild :-(

Quote from dhpar:

API report. private. voluntary submissions, i.e. some big companies/refs are missing.....

anybody thinking about trading CL should know these things by heart.
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Agreed 100%.

It never ceases to amaze me how many incredibly ignorant people are trading these markets without the slightest clue when inventory reports are coming out or why they would want to have a daytrading position on going into an inventory report.

There is simply no excuse for this.
 
To the OP, whatever it is you trade you need to study charts of that instrument - LOTS of them - before you trade it live. Had you done that, you would've seen a similar pop/drop every Wednesday at the same exact time in CL.

A little homework goes a long way. :)
 
Quote from Landis82:

Agreed 100%.

It never ceases to amaze me how many incredibly ignorant people are trading these markets without the slightest clue when inventory reports are coming out or why they would want to have a daytrading position on going into an inventory report.

There is simply no excuse for this.
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I trade Crude intraday and stay the hell outta the market for at least 5 minutes until after the report is out. To me it's just gambling. Moves like today can be a month wrecker if you were long and wrong.

But like you said, to not know that the weekly oil report was coming out is just plain lazy/stupid/ignorant.
 
Quote from tomahawk:

To the OP, whatever it is you trade you need to study charts of that instrument - LOTS of them - before you trade it live. Had you done that, you would've seen a similar pop/drop every Wednesday at the same exact time in CL.
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I started using CL as an extra indicator for DIG/DUG trades so I was not watching CL all the time. I read about tick/leverage etc for CL and took couple of paper trader in CL.

Very exciting and I'm still investigating the possibilities - but here is my confusion...

* Scalping 20 cents on 200 shares - 60 cents in commission. Cost of business: .60/40 = 1.5%

* Scalping 20 tick on CL for $5.50 in commission. Cost of business: 5.50/200 = 2.75%

Also leverage is scary for my account size. I decent stop on 2-3 contract will kill my current weekly profit target. Guess I do not belong here (at least for now).
 
haha...man ive just been giving away free money on CL and NG in the last week. The inventory reports on CL from here on out should remain very bearish due to the weak economy and the fact this is the first report that shows the end of driving season. Im predicting we trade down to a 66-handle maybe even 60.

NG on the other hand is a wild card. I expect he report tomorrow to be bearish as well. But the short-covering rally keeps holding that market up. I would stay away from the Oct contract till it rolls. Nat gas who the fuck knows?
 
Quote from TraderSU:

Thanks HO, Trader273 and everyone else for your kind help :-) Trading futures looks very exciting but I'll stay away from it until I understand it fully. So I'll stick to paper trade for next few months.

Can you please suggest any reading on CL trading or provide some tips for newbie. I've many confusions

Which one to trade - CLX9, CLZ9?
What time-frame works for you?
How tight is your typical stop?
What is your typical profit target?
Bla, bla...

Thanks,
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1st of all if you can trade the qm (nymex) give that a shot it has a lower delta so the big swings aren't as magnefied. Weather you are trading oil or anything I find it helpfull to have NO preconceived notions as to weather price will go up or down. If you know that at any moment this thing can move 2 bucks in any direction at anytime who cares about wednesdays. You might also want to experiment with straddle techniquies if you are trading longer time frames with the CL and getting sick of being stopped out by unexpected vol.
 
To the original poster. It's good to see you're keen to get into new trading vehicles other than stocks, but I really don't think your introduction into trading futures should be in oil, or any other commodity for that matter!!!!

I think people are giving you a hard time because of that. Don't be scared of futures, but jesus, don't start your introduction into futures with oil!!

There are a lot less volatile and more forgiving things out there!

Happy trading people :)
 
Quote from Uncle_Ho:

You guys ever see energy trading like this, or a day p&l like this.
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There was a guy (chauncey?) who used to post some killer days in crude and the indexes. Like mid 5 figures

PS Nice trading :D
 
Thanks my day totalled over 70k on 9-23, one of my better days trading.

I just wanted to show the OP that there are guys out there that do make money in it or futures in general, it is possible...you wouldn't be able to tell that from most of the ETers here.

I will keep posting my fat p&ls on this thread. I'm looking for a crude break today, then I'm gonna buy it...hard.
 
Tough day today. I was only clickin the buy side on a 2 dollar break day and managed to make about 8k in crude by 10:15 ET.

By 10:20 I was up 19k today, most of which was from being long bonds and short crude into the housing data at 10:00.

The next leg down I was buying gold and crude, and niether stalled to give me an out. went from up 18-19 to down 8k or so.

Bought more gold and Euro, bought some corn, and managed to be up 5k on the day. Still early but Im up a little bit after commision.

Tough day today in everything, a day where amatuers get thier ass handed to them.
 
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