CL Redux

Quote from JoshDance:

Just curious, what makes you think it will stop here? Why not weekly pivot or weekly high 30 ticks north? Granted, R1 is .55 but ...
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i have 50sma in this area on hourly chart.

correction: 100sma. but as you can see, it's run up a higher. :mad:
 
Quote from DonCorleone:

i have 50sma in this area on hourly chart.

correction: 100sma. but as you can see, it's run up a higher. :mad:
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Hey, if you still have the trade on and kept your stop at .60, you just received a gift from the market :-)
 
It's interesting -- I looked back over all the posts from today, and have not found one where someone posted they were going long. Not that none of us did, but all the posts were shorts, including the one that I tried. Shouldn't this tell us something--many of us are trying to guess the top, trying to go against the prevailing trend. I see lots of room for improvement in myself in this respect. What do you all think about the logic?

I mean, it's not that money can't be made shorting this, but isn't the easy money on the long side today?
 
good to see theory is holding and 95 line is holding on EOD CLOSE basis ..

It seems CL will hold 95 support line for this Week unless S&P and EURO drops another 2%

Quote from InvestVision: 07-09-11 05:44 PM

Views on OIL price :


my view for next week
--------------------------
1/ given friday WTI/Brent spread reached $22 and RBOB gasoline is FLAT , shows CL is oversold with the JOB report

- Next week Q2 earnings start pouring and are expected to be good earnings

- As long as S&P and EURO maintains friday close levels ( give or take few points ) , I see CL will maintain support at 95 level ..

- with 1 to 2% rise in S&P and modest gains/FLAT euro , CL can reach 99 level again ..

- CL will maintain 95 support level ( on CLose basis ) for the coming week unless S&P and EURO drop in a big way like 3 to 4 %
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Quote from JoshDance:

It's interesting -- I looked back over all the posts from today, and have not found one where someone posted they were going long. Not that none of us did, but all the posts were shorts, including the one that I tried. Shouldn't this tell us something--many of us are trying to guess the top, trying to go against the prevailing trend. I see lots of room for improvement in myself in this respect. What do you all think about the logic?

I mean, it's not that money can't be made shorting this, but isn't the easy money on the long side today?
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yup, you're right. i looked back on my hourly and i forgot to look at the fib lines i'd drawn in. it bounced nicely from 61.8%(high 80's a couple weeks ago to high 99 made last thurs) level earlier this morning. my stops saved my arse last few trades.
 
Quote from DonCorleone:

yup, you're right. i looked back on my hourly and i forgot to look at the fib lines i'd drawn in. it bounced nicely from 61.8%(high 80's a couple weeks ago to high 99 made last thurs) level earlier this morning. my stops saved my arse last few trades.
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I did take one long for a +1 this morning, but it was just at the end of the first pit hour--interesting that I'm more willing to buy when the market has demonstrated less strength, and I'm not as willing to buy when it has proven its strength. It shows my logic is faulty.

The tell-tale that we would go up today, in hindsight of course, is the first 60m bar of trading. It ticked just below last week's low, and closed up with good volume, above its 20EMA. Nice indication, and this was one of the reasons I tried the long earlier, but of course who knew we would go up this much today? Had I known I would have re-entered, but that's trading.

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