CL Redux

Quote from Picaso:

Thank you, Nod :)

(I guess you mean hourly or daily; still it was a bit weird with ES going up at the time - I was expecting a test of the LOD to run some stops and then a rebound to the lower half of the range).

---


And I thought you were a lady... :D :p

<del>ROFLMAO</del> ahem, simply "LOL"
More...

Connect 9am ET pivot low to the 9:25am pivot low. Support established right on that line during the 1:50 and 1:55pm bars and everything looked rosy for the bulls who got trapped on the 2:00pm bar "breakout" and seems like that trend line was holding the entire world of CL up because...damn! (or lack of dam...)

That crack spread talk nearly causes a seizure every time I read it.

:p
 
"Pain" was all about being long too many contracts at the close today...i literally blinked and was like, "wait, that price doesn't look right."

serious, serious hurtin. luckily i stuck it out and lifted some off just now, but still long and underwater from earlier.

not liking the way any markets are looking just now....from the long side anyway.
 
I experienced a rare physical reaction as well being too (two) long as well. But all is well that ends well after a near vomit in the garbage can.

Taking 2 off for good measure at .51 and holding 2 at .28. The release tomorrow could take us over 86.

The main reason for gettin long today was pivotal point on the dollar. Looking good now. I still like LONG!

Quote from HuggieBear:

"Pain" was all about being long too many contracts at the close today...i literally blinked and was like, "wait, that price doesn't look right."

serious, serious hurtin. luckily i stuck it out and lifted some off just now, but still long and underwater from earlier.

not liking the way any markets are looking just now....from the long side anyway.
More...
 
Holy BOOOYAS


Did not expect to wake up to this....erased all my losses and am well in the green.

Just closed everything tho at 85.40.


I will buy back just a single innocent contract on any dip.
 
Quote from NoDoji:

I imagine the bulls whose cracks got spread late today weren't all too comfortable either :D :D
More...

CL traders have to always keep in mind that relationships with S&P, DXY, EUR are only semi-correlated. The ES and DX are just derivative markets... paper contracts and nothing more.

CL has crude oil is a delivered underlying instrument. When it's time to adjust size via the hedge funds and specs, we can toss what the ES or EUR are doing in the garbage can.

That's the problem with trying to trade of proxy market indicators... only works part of the time. Sell signals on the CL charts were crisp, clear, stark and glaring all afternoon. And massively profitable.

The only charts that matter are CL charts when trading CL. Everything else is just semi-correlated noise.
 
Quote from austinp:

CL traders have to always keep in mind that relationships with S&P, DXY, EUR are only semi-correlated. The ES and DX are just derivative markets... paper contracts and nothing more.

CL has crude oil is a delivered underlying instrument. When it's time to adjust size via the hedge funds and specs, we can toss what the ES or EUR are doing in the garbage can.

That's the problem with trying to trade of proxy market indicators... only works part of the time. Sell signals on the CL charts were crisp, clear, stark and glaring all afternoon. And massively profitable.

The only charts that matter are CL charts when trading CL. Everything else is just semi-correlated noise.
More...


YES! I couldn't have said it better myself.

The API yesterday reported a rise in distillates including heating stockpiles of 224 thousand barrels to 157.5 MB last week, while gasoline also followed and gained 1.07 MB. The EIA today is expected to be released later on today and is expected to show a 300 thousand barrel gain last week.http://uk.ibtimes.com/articles/20101201/fundamental-oil-report-2010-12-01.htm

On the technical side of things I don't see much resistance until 86.30-83.60. I thought I was slick last night buying at 83.65 and selling at 84.15 and then I wake up to this :confused: Congrats on hanging in there HB. I'm not sure what is up with me making these short duration trades, it's a lot less stressful but I seem to miss the big moves.
 
Quote from riskaddict:

Congrats on hanging in there HB. I'm not sure what is up with me making these short duration trades, it's a lot less stressful but I seem to miss the big moves.
More...

Definitely congrats HB, it's tough to take a ton of heat and then hold for good profit. If we could only let our winners run as well as we can hold the losers :p

RA, when I started day trading I had that exact thought, and so I was always tempted to swing trade for the big moves. Unfortunately the big moves I was looking for wasn't always what the market was showing me and my largest losses as a trader were the result of poor swing trading. Day trading is definitely less stressful, easier to manage risk, and those little profits can really add up.
 
i was holding a loser moreso than letting a winner run...only a huge move while i was sleeping allowed me to "let a winner run."

still my biggest prob, but i have been making some headway lately ;)
 
Quote from HuggieBear:

i was holding a loser moreso than letting a winner run...only a huge move while i was sleeping allowed me to "let a winner run."

still my biggest prob, but i have been making some headway lately ;)
More...

Ahhh, so it was the "this isn't really happening, I'll just go to sleep and wake up and it will be all better" method of letting a winner run. :p I once let a winner REALLY run when a power outage took out everything including both internet connections. It was so easy to later find the trade was up 6 times my initial profit target.
 
lol, no, thankfully im not still that bad. I cut my position down on the bounce last evening to a reasonable size that i was comfortable with holding. Im just saying, i prob would have closed the position in the high 84s if i were awake.


I did hold 6 contracts into the maw of that drop on the close. I refused to sell because i just couldnt believe that such a big gap down on low volume wouldn't get filled...which it did rather quickly.

With how strong crude has been over the last year, thats been a pretty safe bet (save a few notable occasions)...

I was mistaken to have 6 contracts in the first place, of course....but thats another matter.
 
You must log in or register to reply here.
Back
Top