CL Redux

Quote from Daxspreader:

I was watching this - crazy crazy shit! Brent is nearly 6 dollars off its high of 119.79!!
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Blow off candle $2 in 60 seconds.

Took out a few shorts and created a lovely short at the same time!

Mind you, by the time I've deducted my heating expenses for the day I might only break even. :D
 
Just up for a few here in California = 3:30 AM. :) Here's the one minute spike just before midnight my time. Spiked about 2 points. Like you say not a good short initially, but turned into one. And in fact it spiked almost 4 points in 18 minutes. Volatility indeed.
 

Attachments

Quote from Swan Noir:

My guess is that the spread between WTI and Brent will not go too much higher (except for very brief periods) or else aggressive shippers will start to truck oil from Cushing depots to the Gulf (or maybe the Mississippi) for Brent delivery. Expensive but much above $15 a barrel it seems quite doable
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I have a dream! CL yield curve becoming fair again... it can take months though, with plenty of time decay in the mean time.

We had better be right this time, because I've just legged in at a nice round $20 a pair (would that be the cost of production?) Note I said "legged in" (at 115-95, not as a spread trade, but still trading with the trend, so the heat on the first leg (CL) was very small, I did it as soon as I noticed the support from the Last Hour crew bidding up the expiring March contract - see the previous chart).

Speaking of which... it would be a small step for a cliche talking person, or for instance for NYMEX or ICE to straighten the "bent" CL curve. No need to introduce any new cash-settled contracts, just bring the expiry of the existing ones in line with CL. Because entirely by coincidence, the cash-settled WTI-based contracts (QM@NYMEX and WTI@ICE), expire conveniently 1 day before the Only Trading Day... so for instance the March cash ones expired on Feb 21, giving the Big Boys one extra day to play with the physical one... That should do the trick, just push the expiry of either of these cash-settled contracts by a single day to break the Last Day Trading Cartel. Let all traders bid up the oversold front month contract until the last moment or past it (to settle for cash). Now, what are the chances of that ever happening seeing how "carefully" QM and WTI have been designed?
 
Quote from tzachi:

02-22-11 07:58 AM



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Quote from InvestVision:

If you are so confident , why didn't you take LONG at 96.50 when it retraced $2 from 98.50 to 96.50 And stayed there for hours
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Quote from tzachi:

I DID. Will close position @102. (I think it may take 7-10 days max)
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It did not take this long and around 3:00am est the long trade was closed @102 as expected.
 
Quote from tzachi:

It did not take this long and around 3:00am est the long trade was closed @102 as expected.
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When did you call your entry on this trade? I missed the entry call.

BTW, for anyone interested:

I'm using .20 stops, .40 minimum target now. I moved a stop to b/e earlier after 15 ticks in my favor, stopped out, re-entered at the same price and left my stop in place. Worked out fantastic. So unless it's a breakout play, I'll be leaving my initial stop until .20 in my favor.

I'm closing ET, email and everything else until I'm done trading, because I'm cross-referencing 4 time frames, and tracking near term S/R levels at all times.

Good trading to all!
 
Quote from NoDoji:

When did you call your entry on this trade? I missed the entry call.
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See 2 posts up

Posted as respond to IV on 02-22-11 07:58 AM

Opened the trade 1-2 minutes earlier.
 
Quote from NoDoji:



I'm closing ET, email and everything else until I'm done trading, because I'm cross-referencing 4 time frames, and tracking near term S/R levels at all times.

Good trading to all!
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sounds intense, you must be trading in the zone. :cool:

GL and GM all

crude #s at 11
 
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