CL Redux
- Thread starter schizo
- Start date
K, I can see that, counter-trend pullback swing, but how would you handle a further push down before the pullback? Would you add to the position, or stop out and re-enter later? Averaging down is always tricky because if price moves too far against you, there's a tendency to bail just before the pivot :eek:
I have been trading 5lot this week. I would add tonight tommorow down to 7300+-. After that screw it. So I would look to add at 7350, 7310 then cuss below that and get out. Wont go beyond 15lots. If it just runs higher i'll wait till Monday maybe. But right now im long from 7352 Friday. If you guys want I'll post my trades tonight tommorow.
That's a pretty looking H&S for sure but I don't understand why the hell you should pay attention to the monthly interval when in fact CL expires every month. In another word, this market has a very short attention span. You can see this on a daily basis. It doesn't give a crap what happened 5 months ago, let alone 5 weeks.
CL has been unwilling to go much below $70 for a long, long time. Trendlines are important, but i think that support area trumps any short term trend.
In my view, it will take a confirmed double dip to drop oil below $70 for any extended period. Either that, or some shock event (like greece going bankrupt.)
Anyway, I'm long 1 lot from $74. I'd like to buy more if it goes lower but I'm not supposed to be trading CL so I am limiting myself to 1 lot with a $1 stop.
In my view, it will take a confirmed double dip to drop oil below $70 for any extended period. Either that, or some shock event (like greece going bankrupt.)
Anyway, I'm long 1 lot from $74. I'd like to buy more if it goes lower but I'm not supposed to be trading CL so I am limiting myself to 1 lot with a $1 stop.
wasn't saying it is wrong, just saying it has been unwilling to do so for quite a while. that support level has trumped a couple of downward trendlines before.
anyway, anytime i've taken the opposite side of a trade on CL from you i've pretty much ended up wrong, so we'll see here.
I'm ok with it either way as I'll bail at $73. I like the long odds better at this price level, given action over the last 6 months or whatever.
anyway, anytime i've taken the opposite side of a trade on CL from you i've pretty much ended up wrong, so we'll see here.
I'm ok with it either way as I'll bail at $73. I like the long odds better at this price level, given action over the last 6 months or whatever.
Don't get me wrong. I'm not saying that I know any better than you or anyone else.
But the damn thing should have turned around when it hit the TL on the daily. If you remember, I went long at 75.40-ish. The POS went up and down like a yo-yo before tumbling lower.
My trading philosophy has always been that if it ain't going up, then it must be coming down. That's how I see it at the moment. At least down to that neckline (between 68 and 70). I might try my luck by going long once we get there.
But the damn thing should have turned around when it hit the TL on the daily. If you remember, I went long at 75.40-ish. The POS went up and down like a yo-yo before tumbling lower.
My trading philosophy has always been that if it ain't going up, then it must be coming down. That's how I see it at the moment. At least down to that neckline (between 68 and 70). I might try my luck by going long once we get there.