CL Redux

[Speciaul_K]

Quote from mgmaggie:

You guys play CL so tight how often do you end up getting stopped out?

I try and play it for between 30 and 50 cents with one or two contracts.

I still can't believe CL has not dropped considering gold. I know it is options expiry but holy cow.

If im trading with the trend I do not use stops. I would not recommend this to anyone. 2nd reason is that I will scale in and out of positions throughtout the day and shoot for .80-1.00. Hard to do if your only trading 1-2 contracts. You could try it on the minis though.

 

[NoDoji]

Quote from Speciaul_K:

If im trading with the trend I do not use stops.

Are you referring to the intraday trend or a larger overall trend?

 

[riskaddict]

Quote from mgmaggie:

You guys play CL so tight how often do you end up getting stopped out?

I try and play it for between 30 and 50 cents with one or two contracts.

I still can't believe CL has not dropped considering gold. I know it is options expiry but holy cow.

I don't use stops either, it would be impossible. But i'm also almost never naked in any position.

BTW SHORT CLJ0 77.80

 

[Speciaul_K]

Quote from NoDoji:

Are you referring to the intraday trend or a larger overall trend?

Intraday. I could probably rephrase better: " I do not use stops intraday unless I will be away from computer" "I do use stops for swing positions"
There thats better

 

[Speciaul_K]

Short clj10 7789

 

[schizo]

Quote from EON Kid:

Seems like 2:30 pm EST of


Trading in the current delivery month shall cease on the third business day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the twenty-fifth calendar day. In the event that the official Exchange holiday schedule changes subsequent to the listing of a Crude Oil futures, the originally listed expiration date shall remain in effect. In the event that the originally listed expiration day is declared a holiday, expiration will move to the business day immediately prior.


Quote from Speciaul_K:

You have to close out CLH10 by 2.30 est time on 2/22/2010 .. Depending on who you are clearing through you might get a phone call if you have a position that day or the day before. Some will close you out without calling you. Not worth messing with

I got the same information as you from CME but the reason why I ask is because IB closed out my trade last month in the middle of the day, which I didn't even know until later since I was swing trading. I don't want to run into the same problem again.

 

[schizo]

Quote from mgmaggie:

You guys play CL so tight how often do you end up getting stopped out?

I try and play it for between 30 and 50 cents with one or two contracts.

On average, i try to limit my loss to within 30 ticks. Hence the entry is crucial. You don't want to enter in the middle of nowhere. For me, it should be no more than 30 ticks from the pivot. Still, there are times when you "know" that the trade isn't going as planned. In those times, there's no point of sitting around to find out whether you'll get stopped out or not. I just sprint for the nearest exit and let the rest of you figure it out.

 

[Speciaul_K]

Quote from schizo:

I got the same information as you from CME but the reason why I ask is because IB closed out my trade last month in the middle of the day, which I didn't even know until later since I was swing trading. I don't want to run into the same problem again.

I believe pit trade at the eod 3 business days before expiration moves to the next month. So this month 2/18 eod is when you need to be out of march contract.

 

[schizo]

Quote from Speciaul_K:

Short clj10 7789

This one is tricky going forward. There's a good chance we'll get another manic day tomorrow--in either direction. Since you're short, I'd keep my eye on 78.05 (or 78.45 for CLJ0). If this baby crosses above 78.05, there's no looking back. Good luck.

 

[schizo]

Quote from Speciaul_K:

I believe pit trade at the eod 3 business days before expiration moves to the next month. So this month 2/18 eod is when you need to be out of march contract.

According to CME, "Trading in the current delivery month shall cease on the third business day prior to the twenty-fifth calendar day of the month" and it states that the March contract settles on 2/22. But there's no mention about the time.