CL Redux
- Thread starter schizo
- Start date
I looked at the previous breakdown. The previous new low was about 70 ticks from the low before that (84.42 - 83.72). I didn't think we'd get a full measured move, but I figured it might fall at least 40-50 ticks from the 83.72 low, which would place us in the 83.22 - 83.32 zone, and the pivot off .20 was good enough for me.
Next short I really didn't expect as large a move, in fact was initially looking at a quick exit if .20 didn't break down quickly, but it did and when it broke down .90 and wiggled a bit, I took the money before price did something nuts like bounce 70 ticks. I don't usually see that much P/L staring at me on a single trade!
your trades are so neat and nice. my short at 83.7 was a reaction to my long at 84, I cut loss at 83.9, and want to wait for a bounce to short, suddenly it goes to morning low, I shorted it, thought it will bounce quickly after the 20 ticks thrust, but no, exactly to schizo's measured move, any way congrulations. thanks for posting your trade here, it is a good source to learn.
I am done for the day, by the way how many trades a day u do average?...........I will be waiting for the EIA data tomorrow and it might enter before if the Contango Jul/Aug expand more.......right now is in more than $4 dollars which is insane, that gives us of how bearish the crude oil market is.
Good luck.
Hey what are you complaining about?
You have mentioned something about bulls, bears, sheeps and suckers in the past. Well, it's time to add tow more category: oppotunists and parasites. Yeah, yeah, I know. But think hard about it. Both opportunists and parasites have mutual common interest. They let others do the hard work. I'm sure this in itself is not easy by any means. Ya need to be stealthy and, above all, plan ahead in time so that others (if you were an opportunist) and the host (parasite) don't find out. Otherwise, you'll get hosed.
Always envision in you mind what the next move will be. That is, always prepare and always anticipate. It's as simple as that. Let others do the heavy lifting while you plan for the next easy steal.
It really depends. If I sense that a strong trend is about emerge, I'll sit tight and allow the trade to work itself out. Unfortunately, this doesn't always work and I end up giving back more than a chump change. Luckily, I happened to know the damn thing would crater today.
With regards to EIA, I'm somewhat skittish. That is bullish. Whenever API goes down on Tuesday, EIA would shoot in the other direction. Just what the hell does that s'posed to mean? I have no idea. But as long as we don't break below 81, there's a good chance bargain hunters will swoop down and push this market up...although by how much I don't care to know.