CL Redux

Quote from EON Kid:

had walked away when the spike happened
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Yeah I made that mistake, too, all happy with my first trade, took a break and missed another nice CT scalp.

In retrospect (where all trades are perfect) going long off the post-news gap and taking a verrrry long break was the way to go.

I had a nice stock trade off the open and I'm calling it a day before I start pissing away profits in the chop :cool:
 

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Tomorrow will be a very interesting day. Were we to break and close above today's high at 86.39, we could see this fat pig fly to 90. Now the question is will the powers that be want to see such a lofty price that might derail the stock market?
 
Quote from schizo:

Tomorrow will be a very interesting day. Were we to break and close above today's high at 86.39, we could see this fat pig fly to 90. Now the question is will the powers that be want to see such a lofty price that might derail the stock market?
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It will be spun as the reaction to a healthy world economy and strong stock market.
 
Quote from schizo:

Crazy but short 86.01

SL 86.42
PT 85.50
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Out 86.11

Talk about being damn crazy. I thought about taking half off at 85.80, but thought it might break lower.

I don't see any chance of this baby falling off the cliff now.
 
Quote from schizo:

Talk about being damn crazy. I thought about taking half off at 85.80, but thought it might break lower.
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It never fails to amaze me how technically clean CL trades off levels on the 3- and 5-min chart.

Today my trade was a counter-trend trade after a 3rd push up from the gap. I shorted @ 86.12 and had my stop at 86.18 (didn't want those 10 ticks slippage if it broke out again). I was looking to catch part of a move back down to the upper Keltner on my 3-min chart, which was where the pullbacks were finding support. (I use the 3-min chart when a strong trend is on). This was also where the micro trendline off the gap low led to. I estimated the price at that point was 85.80.

I planned to trail a 10 tick stop if 85.80 was touched and see if it broke down. Sure enough, price found support exactly at .80, then moved up through my 10 tick stop @ 85.90.

I seriously thought about taking my profit right there at .80, but I too was filled with hope for a breakdown :eek:
 

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I've decided my new strategy until further notice is to just buy CL on all dips. I'll sell when it gets over extended or nears the trendline on the daily chart.



I might nibble on some shorts when it gets overextended...Otherwise, long and more long. I would guess, based on the data im seeing the past few days, we will be at $100/bbl before long.
 
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