CL Redux

GM

Indexes starting to look very bearish, looks like it wants to test YLOD




10:30am DOE Crude Inventories est. -1250K range -2500K to 2500K prior 3932K

DOE Distillate Inventory est. 1150K range -1000K to 2500K prior 5526K

DOE Gas Inventories est. 875K range -1000K to 2200K prior 213K

DOE Refinery Utilization est. 0.63% range 0.00% to 1.50% prior -0.90%
 
Quote from Visaria:

stopped out overnight at 10140 and reverse

long at 10140

Only glad i'm doing small size, past month or so hasn't been good.
More...

out 10040

short 10040
 
Was trying to pick a bottom in CL and not waiting for candle confirmation or my indicator confirmation. Got stopped out. Also, then decided to reverse short and of course got stopped out. Then I go long with indicator confirmation and candle confirmation.

As market starts to go in my direction, I decided to add another contract. Market of course goes back down to BE plus negative 2. I reduce target for 2nd contract, and stop looking at screen. Come back, and market hit both targets to get me back to around BE minus commissions.

Lesson of this story is to wait for confirmation of that market wants to go up from a support level not to try to get in too early.
 
After a couple years observing CL on inventory day, I've come to the conclusion that there's a CFTC regulation stating whatever large price move occurs following the report must fully retrace at some point during the same trading day :p
 
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