CL Redux

Quote from hetanos:

Hi guys. Anything special happened at 13:28-13:31? It moved up 150+ points in 3 minutes.
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Your friendly 5-min intraday TA gal says:

Long symmetrical triangle forms on the 5-min chart: Pit opening highs connected to the 11:00 and noon highs is the upper trend line of the triangle; 10:00am low connected to the 12:30 low is the lower trend line of the triangle.

Price hits the upper trend line during the 1:10 bar and pulls back to the 20-bar EMA where it should now continue down to that lower tend line of the triangle.

Anticipatory longs buy the 20-EMA around 83.87-83.88 and it appears to hold to the tick.

Early longs buy the break of the 1:20 bar high for a visit back to that upper trend line and very likely breakout because of the support at the 20 EMA.

Confirmed longs buy the break of 84.11, which breaks the upper trend line and attracts the trend-following breakout bots which buy while the shorts buy to cover.

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Thank you Nodoji. I see your point on the chart, but would that create such a move in a couple of minutes? I was thinking more like a news action move, but could not find any such news:)
 
Quote from hetanos:

Thank you Nodoji. I see your point on the chart, but would that create such a move in a couple of minutes? I was thinking more like a news action move, but could not find any such news:)
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You never know if breakouts will fail or not, or if they occur because of news (by the time us low life retail traders know the news, price is far away), but by using TA/PA to get positioned properly, every now and then you're part of a move like that, which is a good reason to use soft profit targets on breakout trades (breaks of high/low of the day, breaks of narrow range consolidation, and triangle/channel breaks). Sure, sometimes the breakout fails and you exit with $0, but when the breakout is strong, you're not left looking at 20-30 ticks of profit while price keeps running.
 
--- Day end Summary for: 13 October , 2011
(This is a paper account started with $20,000 on Monday Sep 26, 2011. I follow the margin rules for IB.I try to post my trades in advance when possible and with graphs. I am not reading the thread so if you wish to contact me please do so by PM.)

Sold 1 at 80.76 @ 11:40 Thursday, October 06
CL 11-11 Buy 1 83.28 10/13/2011 8:55:34 AM

Sld 1 at 80.76
Bot 1 at 83.28 @ 8:55
=-2.52 * 1000 = -$2,520

10:04:56 SLD 1 CL false DEC11 Futures 84.53 USD NYMEX 2.32 null
Sld 1 Dec at 84.53 @ 10:04 (holding this at close)

CL 12-11 Sell 1 83.99 10/13/2011 10:17:44 AM
CL 12-11 Buy 1 83.95 10/13/2011 11:29:03 AM
CL 12-11 Sell 1 84.58 10/13/2011 1:05:41 PM
CL 12-11 Buy 1 84.58 10/13/2011 3:00:14 PM

Sld 1 at 83.99 @ 10:17
Bot 1 at 83.95 @ 11:29
= +0.04 * 1000 = +$40

=-2,520+40=-$2,370

Opening Cash Balance today $23,240
Change in Cash = -$2,370
Closing Cash Balance = $20,870


Holding at the close 2 short contracts:
Sold 1 Nov at 82.00 @ 12:53 Thursday, October 06
Close 84.35
=-2.35 *1,000 = -$2,350

Sold 1 Dec at 84.53 @ 10:04 Thursday, October 13
Close 84.55
= -0.02 * $1,000 = -$20
Open Equity= -$2,370

Open Equity = -$2,370
Closing Cash Balance $20,870
Net Equity $18,500
 
Quote from NoDoji:

You never know if breakouts will fail or not, or if they occur because of news (by the time us low life retail traders know the news, price is far away), but by using TA/PA to get positioned properly, every now and then you're part of a move like that, which is a good reason to use soft profit targets on breakout trades (breaks of high/low of the day, breaks of narrow range consolidation, and triangle/channel breaks). Sure, sometimes the breakout fails and you exit with $0, but when the breakout is strong, you're not left looking at 20-30 ticks of profit while price keeps running.
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hey girl, you gonna join us low lifes here?

Volume still in Nov http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

GM all
 
Looks like we will hit 90 next week and probably even higher.

The so called recession is now growth. It was all media hype and window dressing. Manipulation at it's finest.

I'm done playing this market for a while.

Take care.
 
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