CL Redux

[BCE]

Quote from schizo:

I agree. The $103 overshoot was an anomaly. Unfortunately, I got rolled over in the process. Without that, I believe we would be trading the 92-100 range as previously stated.

About an hour ago there was a guy on CNBC, a multibillion dollar fund guy, that was predicting oil will pullback to 70 as this is all overdone unless Saudi Arabia goes to hell too.

And then there were the other people yesterday predicting $220 a barrel as a possibility. This was based on Gulf War pricing flash backs. We just trade.

 

[InvestVision]

Sorry to hear that over run , you may get that 101 SHORT entry back some over nite session with UNTIL cancel limit sell order

This level of big oil spikes comes once in years , big traders maximise this rare opportunity with big pull/push in both directions ( to max profits) before settling 92 range.

Quote from schizo:

I agree. The $103 overshoot was an anomaly. Unfortunately, I got rolled over in the process. Without that, I believe we would be trading the 92-100 range as previously stated.

 

[EON Kid]

Quote from BCE:

About an hour ago there was a guy on CNBC, a multibillion dollar fund guy, that was predicting oil will pullback to 70 as this is all overdone unless Saudi Arabia goes to hell too.

And then there were the other people yesterday predicting $220 a barrel as a possibility. This was based on Gulf War pricing flash backs. We just trade.

$70's range was from mid 2009 for a long period coming out of the GFC when all economies were recovering. Unless you think world economies are going back to that level of activity/ recession I think it is a stretch. Of course higher crude may carry the seeds of its own destruction.

 

[BCE]

Quote from EON Kid:

Of course higher crude may carry the seeds of its own destruction.

Couldn't agree with this more. I could see a pullback to 90 sometime next week depending on how things unfold in the Middle East. Or a run up over $100, also depending. Stay tuned.

Interesting pullback at the end of the day here. Just got here and missed it.

 

[InvestVision]

That was nice reversal 97 to 9850 , cL behaving
( I see some posts deleted on ET , admin issues )

Quote from BCE:

Not sure about that. Just shorted 96.94 and covered 96.62 and then shorted 96.43 and one at 96.65 and covered at 96.42. Looks weak. We'll see what happens. Good luck everyone with your trades. I have some other work to tend to here shortly.

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Quote from InvestVision:

These low 97 level should be good entry on long side given we are here on Friday , un meetings , this is beginning of the day
for good runup to 9850 levels
Not sure about that. Just shorted 96.94 and covered 96.62 and then shorted 96.43 and one at 96.65 and covered at 96.42. Looks weak. We'll see what happens. Good luck everyone with your trades. I have some other work to tend to here shortly.

 

[schizo]

Quote from BCE:

About an hour ago there was a guy on CNBC, a multibillion dollar fund guy, that was predicting oil will pullback to 70 as this is all overdone unless Saudi Arabia goes to hell too.

And then there were the other people yesterday predicting $220 a barrel as a possibility. This was based on Gulf War pricing flash backs. We just trade.

Well, we all know that price can either go one way or another, mainly up or down.

Right now, the market is already factoring in the contagion effect. However, my sources tell me that Obama administration is spearheading a possible military campaign to oust that moron from Libya, which could begin as soon as next week. We shall see.

 

[zxd]

Quote from schizo:

Well, we all know that price can either go one way or another, mainly up or down.

Right now, the market is already factoring in the contagion effect. However, my sources tell me that Obama administration is spearheading a possible military campaign to oust that moron from Libya, which could begin as soon as next week. We shall see.

I supported and voted for Obama but he's really pissing me off by being such a big talker but doing absolutely nothing at the same time. Come on already Obama.

 

[NoDoji]

I achieved a very special honor today:

I doubled the protective stop on a long trade today so I could reverse to a short if the support broke and, with slippage, sold the exact low tick.

That's right, I was stopped out of a perfectly good long trade at a pivot low and automatically flipped to a short at the low tick.

These are the kinds of moments when traders think, "They're watching me and they're out to get me."

 

[BCE]

Quote from NoDoji:

I achieved a very special honor today:

I doubled the protective stop on a long trade today so I could reverse to a short if the support broke and, with slippage, sold the exact low tick.

That's right, I was stopped out of a perfectly good long trade at a pivot low and automatically flipped to a short at the low tick.

These are the kinds of moments when traders think, "They're watching me and they're out to get me."

Sorry. We needed to do it to teach you a lesson. The hidden camera we have focused on you is only in operation during trading hours. The same with the keystroke reader. For the most part we're not "out to get you" per se, just help you in the long run. But we can't vouch for the actions of others. You know what they say, "Just because you're paranoid doesn't mean they're not out to get you."

 

[zxd]

What are your predictions for next week? And why?