CL Redux
- Thread starter schizo
- Start date
if that big drop is in cards we should see 100.50 at least by pit close, else big drop may not happen tomorrow
or this rise could be TRAP to get in new LONGS for big drop of tomorrow
or this rise could be TRAP to get in new LONGS for big drop of tomorrow
SLD 100 UCO Stock 52.35 USD ISLAND 11:14:24 1.00
SLD 50 UCO Stock 52.83 USD ISLAND 11:55:22 1.00
SLD 50 UCO Stock 53.35 USD ARCA 12:25:10 BookTrader 1.00
i am still building a short position.. yes its super risky.. but when it falls it will be like trying to catch a falling knife
total short oil position= short 550 shares at 52.88 average
SLD 50 UCO Stock 52.83 USD ISLAND 11:55:22 1.00
SLD 50 UCO Stock 53.35 USD ARCA 12:25:10 BookTrader 1.00
i am still building a short position.. yes its super risky.. but when it falls it will be like trying to catch a falling knife
total short oil position= short 550 shares at 52.88 average
Loch ness monster pattern on 1 minute with TL from 100.76 to 101.12 . . .
Buy the tail, add at the front legs, sell the head, easy peasy.
Buy the tail, add at the front legs, sell the head, easy peasy.
Maybe I was lucky or I made my own luck. I was wrongly thinking that we were pulling back on a overall short trend created by peace talks.
When I saw resistance begin to build I shorted, and got 25 ticks, but only ended up $ 187 for the day due to some previous stop outs.
I then saw CL shoot back up all the way to the top, meaning and fib lines that I did not draw would have been violated.
I kept expecting news like Israel attacked Iran, but saw no news for the spike, so I now think we had a real reversal from the bottom and it would have been easier to go long on the pullbacks. The good news with CL is that it has some monster pullbacks so really if you get good at trading, you can make money by having a short or a long bias as long as you get in on the right price.
I added to my QID calls thinking that oil is a drag on the economy, but will look for future days to confirm a possible top, or expect me to kill the trade so manage it yourself if you are piggy backing.
When I saw resistance begin to build I shorted, and got 25 ticks, but only ended up $ 187 for the day due to some previous stop outs.
I then saw CL shoot back up all the way to the top, meaning and fib lines that I did not draw would have been violated.
I kept expecting news like Israel attacked Iran, but saw no news for the spike, so I now think we had a real reversal from the bottom and it would have been easier to go long on the pullbacks. The good news with CL is that it has some monster pullbacks so really if you get good at trading, you can make money by having a short or a long bias as long as you get in on the right price.
I added to my QID calls thinking that oil is a drag on the economy, but will look for future days to confirm a possible top, or expect me to kill the trade so manage it yourself if you are piggy backing.
Breaking new (or maybe not, I can't tell):
Trichet Says ECB May Raise Rates, Show âStrong Vigilanceâ
Trichet Says ECB May Raise Rates, Show `Strong Vigilance'
http://www.bloomberg.com/news/2011-...bank-needs-strong-vigilance-on-inflation.html
Trichet Says ECB May Raise Rates, Show âStrong Vigilanceâ
Trichet Says ECB May Raise Rates, Show `Strong Vigilance'
http://www.bloomberg.com/news/2011-...bank-needs-strong-vigilance-on-inflation.html
Quote from InvestVision:
if that big drop is in cards we should see 100.50 at least by pit close, else big drop may not happen tomorrow
or this rise could be TRAP to get in new LONGS for big drop of tomorrow
Everyone is placing their bets.
You guys and a few others here are short and startraitor is long as I recall. My call? Have no idea where this is headed. I'm just going to scalp it and look for the most obvious plays like NoDoji's long off the failed flag bottom. Or if it's trading too weird, which it has at times, this week especially, I move to some other instrument which is more predictable.I think it's hard to make an accurate prediction off of the news or situation in the Middle East as the news changes every few hours. And there are so many factors involved.