CL Redux

Quote from NoDoji:

What is your average and target?


And where IS Schizo???
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target? forget about it, he is under water, he should be concerned about what lies under him, not above him. We will probably see 95 tomorrow.

I just found schizo at Burger King, flipping burgers. He is the best flipper at the joint. He told everybody that he perfected his flipping skill from years of CL flipping.

Who said trading skill cannot be transferred to other professions?
 
Quote from Notes123:

I just found schizo at Burger King, flipping burgers. He is the best flipper at the joint. He told everybody that he perfected his flipping skill from years of CL flipping.

Who said trading skill cannot be transferred to other professions?
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It's good to know that you haven't lost your sense of humor. I would think you would have flipped out of this place by now with all them drawdowns, even though it's only a paper account.
Quote from NoDoji:

And where IS Schizo???
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Unfortunately, still flipping to the dismay of some. :D Anyway how y'all bashing on this market? I wish you all the very best.
 
Quote from BCE:

Touché :D But a man of your means isn't worried even though the Rolls and the Bentley don't get very good mileage I would imagine. How's your chauffeur doing these days? :D
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Chauffeur has quit. Texted me to say he he's 100 silver contracts short at 49.50 and another 100 oil contracts short at 110. Says he laughing that i exited my short position at 105.25 :mad:
 
Quote from Visaria:

Says he laughing that i exited my short position at 105.25 :mad:
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What??? You exited a short AFTER it broke MAJOR SUPPORT???

As ET's Resident Mom, I have only this to say: "Go to your room!"

:p :p
 
Quote from oilfxpro:

Always take stops , but kept buying more with stops.Silly.

I should really use this system MACBOS , which gave $ 10 today and $3 last few days , but good traders advise me not to.
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Counter-trend trading is best left to the professionals (ammo, for example). It requires a well-researched and tested methodology with rules for risk management and it requires you have experience and a track record of following your rules. It can't be based on too high/too low, or what you think price should do.

Since you're willing to trade with deep drawdowns, then you will like with-trend trading that uses S/R because your stops are small and potential profits can be huge. You can trade setups with stops of .20 or less and target .30 or more. In a strong trend like today, you can capture multiple gains of 1.00 or more because levels got sliced through as if they didn't exist.

Here's a 1-min chart of how S/R levels offer low-risk entries and solid gains.

There are many counter-trend opportunities with CL even in a strong trend, but it's less risky to wait for some confirmation so you aren't trying to catch a falling knife (or step in front a freight train if to the long side).

I'm posting a 1-min chart because the volatility was extreme today and waiting for 5-min bars to close before trading would've been a waste of good green resources :cool:

attachment.php


ADD: Where it says "Strong resistance means test of low is likely", that's because the small dip was previous resistance becoming support and when that happens a higher high should follow. The fact that price resistance held strong at the previous level is why a test of the LOD was likely. There were just no buyers left.
 

Attachments

http://www.marketwatch.com/story/cme-expands-oil-price-limits-on-sharp-selloff-2011-05-05

May 5, 2011, 4:47 p.m. EDT
CME expands oil-price limits on sharp selloff

SAN FRANCISCO (MarketWatch) -- The CME Group has expanded its limits on how far oil can rise or fall for the rest of Thursday's electronic trading session, which ends at 5:15 p.m. Eastern, said CME CME -0.42% spokesman Chris Grams.

Oil futures typically have a $10 limit on how far they can rise or fall in one session.
That's been expanded to a $20 limit above or below the prior day's settlement, with the expansion triggered by the rapid freefall in oil futures during the last hour of trading, when limits are removed.

In particular, it was the drop in heating-oil futures to their limit of 25 cents that prompted the exchange's move, he added Oil futures for June delivery CLM11 -0.27% ended Thursday's floor session off $9.44, or 8.6%, at $99.80 a barrel.

They fell further in electronic trading, sinking below $99 a barrel. Heating-oil futures HOM11 +0.17% fell 26 cents, or 8.2%, to $2.89 a gallon. [Updates to add heating-oil futures limit.]
 
Commodities suffer worst slide since 2009

http://www.marketwatch.com/story/commodities-suffer-worst-slide-since-2009-2011-05-05

SAN FRANCISCO (MarketWatch) -- High-flying commodities suffered their worst one-day slide since March 2009 Thursday, as measured by the Reuters/Jefferies CRB Index CRY00 -4.90% .

The index, which measures a basket of commodities, fell 17.54, or 4.9%, to 341.09.

Oil and silver paced the declines in commodities Thursday which followed disappointing jobs data that suggested the U.S. economy is slowing again.
 
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