CL Redux

Quote from riskaddict:

I can't resist this. Shorting at .70 just a Qm and will probably add to it tomorrow.
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How did that last trade you had on work out? I was watching but didn't catch it all; I thought you might have had an out though on that day it dropped a couple points, but you would have had to add up in the 83s to make that work, I think. Anyway, get out ok?

It's really hard not to short, what with everything you look at in nosebleed territory, and beyond...
 
Quote from startraitor:

exitied 1 at 83.76 for just under +2 bucks. That was my first target after taking less than a buck of heat.
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good swing trade, the heat you took was 60 ema support in 4H chart, and current pivot is 1H chart major resistance line, while in 4H chart, next major pivot resistance is 84.7.
 
Quote from gov:

How did that last trade you had on work out? I was watching but didn't catch it all; I thought you might have had an out though on that day it dropped a couple points, but you would have had to add up in the 83s to make that work, I think. Anyway, get out ok?

It's really hard not to short, what with everything you look at in nosebleed territory, and beyond...
More...

I believe I screamed uncle at 82.68 at around the 5th or 6th so I missed all the pain up to 84.45. The last week or so I've been practicing actual day trading but to this point I don't find it to be worth the effort. I think I'll be sticking to my 15 mins and hourlys and pivots. Over all between the CL and QM im down $5500 over the last 4 weeks. Luckily this has been more then offset by some sick coffee and ES trades. I've been waiting for a 76 handle on the DX to start building another short position in oil so here we go!!
 
Quote from riskaddict:

I believe I screamed uncle at 82.68 at around the 5th or 6th so I missed all the pain up to 84.45. The last week or so I've been practicing actual day trading but to this point I don't find it to be worth the effort. I think I'll be sticking to my 15 mins and hourlys and pivots. Over all between the CL and QM im down $5500 over the last 4 weeks. Luckily this has been more then offset by some sick coffee and ES trades. I've been waiting for a 76 handle on the DX to start building another short position in oil so here we go!!
More...

Thanks for the insight, much appreciated!
 
Not really sure what to do. API showed a big draw down. Does that mean if EIA shows a similar draw down we go down more because we already know? I think I'll cover one here at .35 just to avoid unnecessary volatility. I'm sure I'll be sorry I did :p
 
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