CL Redux

[schizo]

Quote from mrbochin23:

You are 100% right base on pure technical analysis, but the fundamentals say otherwise. It's a lot of Oil out there, way more than demand, it's the "Perfect Storm" ........Europe and crisis, strong dollar a lot of Oil, and you could add to the equation the "Failed terror attack in Time Square"..........we will see, but your right the high of the opening day was the high of the opening it never touch it again not even close, I never seen something like it.

i totally respect your opinion, but if the past 13 months have taught us anything, it's that market can be manipulated. Moreover, the crude market for the last 2 months have completely ignored the underlying fundamentals. It would briefly dip after the EIA and then rally in the subsequent days. As you may know, one day does not a trend make.

Anyway, it's about time CL kicks up some stink in the AH. Let's see if we can get up to 84 as my broken crystal ball sez.

 

[Speciaul_K]

Quote from HuggieBear:

there you go


im looking for 82.50


whats your exit point?

8270-8280
Things go positive, 8370-8380

 

[HuggieBear]

hmmm



consensus says 83+


lets hope they start a quantitative easing program in europe overnight...we might see 85

 

[NoDoji]

Quote from NoDoji:

I went long in sim @ 82.03 just before 9:42pm ET on the break thru the 20 (stop now @ 82.10).

Stop to 82.36.

What's with the gap from 82.26 to 82.36? Is that a common occurrence this time of day or is my chart gone bonkers?

 

[RedSun]

Quote from mrbochin23:

You are 100% right base on pure technical analysis, but the fundamentals say otherwise. It's a lot of Oil out there, way more than demand, it's the "Perfect Storm" ........Europe in crisis, strong dollar a lot of Oil, and you could add to the equation the "Failed terror attack in Time Square"..........we will see, but your right the high of the opening day was the high of the opening it never touch it again not even close, I never seen something like it.

Go back to Bluegold day (2/4/2010) and you'll see it. That lasted two days.

Today's big move was partly caused by the May Day holiday in Asis and part of Europe (Greeks using May Day to parade?!). After the long weekend, markets reacted strongly to the news on Greece.

To me, the $4 selloff is a bit overdone. But CL is an investment product, and will follow equity and dollar.

For swing trader, this is a good opportunity to enter.

 

[NoDoji]

Quote from RedSun:

For swing trader, this is a good opportunity to enter.

How would you manage a swing trade, entering at this level? Would you place a stop, or would you just average down and take profits on the eventual pivot and move back up?

 

[NoDoji]

Quote from NoDoji:

Stop to 82.36.

Moved stop to .44. I am so sad I didn't trade this live

 

[grodt]

probably just your chart, try closing and reopening the chart, that usually fixes mine. I don't have a gap in mine there.

 

[RedSun]

Quote from NoDoji:

How would you manage a swing trade, entering at this level? Would you place a stop, or would you just average down and take profits on the eventual pivot and move back up?

Most of the day trading technics apply. Then you can analyze the wave counts, ratio retracement (Fabonacci, etc), and other technicals, like MA cross or parabolic.

Yes, you would put on a hard stop, and a profit target. Then you can adjust them, using SAR parabolic if you like.

 

[NoDoji]

Quote from NoDoji:

I went long in sim @ 82.03 just before 9:42pm ET on the break thru the 20 (stop now @ 82.10).

Took my $445 simbucks @ 82.48 and calling it a night. If I get insomnia, I'll be back later