CL Redux

[EON Kid]

Quote from NoDoji:

Out 88.18


ADD: exited based on a weak-ass b/o

good read nad trade

 

[BCE]

Quote from BCE:

And the 87.70 looked like a level of resistance just short of the 87.80 stronger resistance and then even stronger resistance around 88.25.

From the other day. Funny how that works sometimes.

 

[NoDoji]

A new pivot line appeared on my chart @ 88.45, which was my target on that b/o. oh boy here it comes again.

 

[InvestVision]

“It looks like there is a lot of worry in the market about a possible closure of the Suez Canal because of the escalating tensions in Egypt,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “That makes perfect sense about the rally we’re seeing in the crude market.”

The Suez Canal, which connects the Mediterranean and Red Seas, moved 1 million to 1.6 million barrels a day of oil and refined products north to Europe and other developed economies in 2008 and 2009, according to the Energy Information Administration, the statistical arm of the U.S. Energy Department. The EIA identified the canal as one of seven “world oil transit chokepoints” in a report earlier this month.

 

[NoDoji]

Quote from EON Kid:

good read nad trade

Thanks, Kid. That was a "second mouse" entry for me. The price trigger was 87.88, but the slightly LH I shorted earlier made me nervous, so I waited for a level to hold first (turned out to be 87.83 on the 1-min chart), then got in on the second move up from there.

 

[EON Kid]

Quote from NoDoji:

A new pivot line appeared on my chart @ 88.45, which was my target on that b/o. oh boy here it comes again.

its going higher imo

 

[NoDoji]

It was my pleasure to give this free clinic today in how NOT to hold trades for target :eek:

 

[BCE]

Quote from EON Kid:

my prediction 8830 then 8760

Woooo! Did a quick .25 to .41. So volatile scarred me off. Shoulda, coulda, woulda. Got to be Egypt driven.

 

[jones247]

The only trades that's been working for me in this environment is averaging/scaling into my positions. The general direction is obvious; however, my timing needed help from the dreaded "avg down", which I know is like playing with explosives...

 

[NoDoji]

Quote from InvestVision:

“It looks like there is a lot of worry in the market about a possible closure of the Suez Canal because of the escalating tensions in Egypt,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “That makes perfect sense about the rally we’re seeing in the crude market.”

And all you have to do is follow price and you know to go long not even knowing the news. (Though I imagine we should all just buy and hold at this point, knowing the news.)

Boys and girls, this is why even you love to counter-trend trade, always place your protective stop because that 20-bar moving average that price ALWAYS comes back to has moved about a full point from where CT traders likely started averaging.