CL Redux

Quote from BCE:

Just imagine all of the confusion we've created. :p

Is it true you received $1 for every page view? :)
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What are you complaining about? You were second-in-command. :)

Now to the serious thang, CL is going gung-ho in the AH. Any news other than the ususal? I didn't think so. It must be the same morons who pushed it down yesterday. This time, it's up.
 
Quote from traderx123:

I had the same trade as you.........anybody who is an Al Brooks student could see the "wedge line breakout pullback long"......it stuttered for about 20 minutes....[I trade a 2 minute chart]....and yes.....same as you I would normally have bailed.....but as you said it was a SMALL stop ! Anytime......you get price action "stalling" at the extreme highs like here [or lows] you "draw in" more and more traders......You have the "fade"crowd...who think the trend is over....and want to sell the top......[ I find this an absolutely frightening way to trade].....and then you have the "breakout" traders with orders sitting just above.....the third group are the traders lucky enough to get a "TREND" signal......before the breakout.........either way......it's "buy stops" galore above !! "Trapped in shorts"...and ...."trapped out" longs chasing.
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The ascending/descending triangles hear highs/lows or at trend reversal zones are my favorite setups for the exact reason you outline.

I gave some thought to psychology behind the strength of the breakout there. Price had run up like crazy since early last night (eastern time) off the lows. The ascending triangle formed over a long period of time (nearly an hour) on low volume. Nobody long since last night was in any pain, nor did the longs have any reason to sell. So when price finally came in for the third attempt, there were no sellers, whatever offers may have been there, just get pulled and price flies as the stop orders trigger at market and the nearest potential "market" at that point based on the 60-min chart resistance levels (yes, I had my levels noted well in advance this morning, like a good little trader) was 101.45, 101.63 and 101.87.

A lot of airspace above at this point.
 
From the low made last night to the open, the market moved up $3.94.

From the open to the close: $1.22

From the close of today to now (only 1 1/2 hours have passed as of this writing): $1.35

Does this look "normal" by any stretch of the imagination? Just a thought.
 
almost thought to short at the closing,man,they ran another 2points in the opening, gun down stop buys? afraid to jump in, I believe it may kiss old high this night?
 
will go down, some big guys try to scare small guys, those guys almways do that,last night they gun down stop sell, then make you think or lock into sell pop mode, they are artists! shorted May 104.23 with 3 lots, not afraid keeping go up.


Quote from schizo:

From the low made last night to the open, the market moved up $3.94.

From the open to the close: $1.22

From the close of today to now (only 1 1/2 hours have passed as of this writing): $1.35

Does this look "normal" by any stretch of the imagination? Just a thought.
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Quote from trader198:

almost thought to short at the closing,man,they ran another 2points in the opening, gun down stop buys? afraid to jump in, I believe it may kiss old high this night?
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I doubted your P/L post today because of the perfectly round number net profit, but I doubt it even more after this post. Price closed at the rising 20 EMA in a LONG STRONG UPTREND.

WTF would make you think to short that?

(Sorry, Schiz, but sometimes it's just too difficult to hold back how I really feel :eek: )
 
Quote from trader198:

almost thought to short at the closing,man,they ran another 2points in the opening, gun down stop buys? afraid to jump in, I believe it may kiss old high this night?
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It still remains to be seen, but I have a nasty feeling that we might go back down for a double-bottom. I clearly don't trust this type of raging hormone running on very low volume. One bad news and the entire froth could blow up in your face. We shall find out in the next few days.
 
out with minor loss, the trend is so strong, fight it is not worthwhile. limit sell order at 107.67 overnight



Quote from schizo:

It still remains to be seen, but I have a nasty feeling that we might go back down for a double-bottom. I clearly don't trust this type of raging hormone running on very low volume. One bad news and the entire froth could blow up in your face. We shall find out in the next few days.
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Cumulative volume in AH thus far: 4300.

Think about that. $2 advance on just 4300 contracts.

*Edit*

That was just for May contract. With April and May combined, the total figure is near 9000 contracts. Still, that's mind-boggling.
 
So because arab dude is giving a speech we spike 2 bucks? Or is this just expiration rejiggering? Oh well.... like a deer in the head lights I'll just stand pat and get plowed.
 
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