CL Redux
- Thread starter schizo
- Start date
Hey, V! Good to hear from you. Hope you're doing great.Quote from Visaria:
Hi BCE!!!
I caught that move, but... i had a limit order one tick below the low!!!
Exited in the end at 9900.
Nice trade on this nonetheless. It's hard to catch the exact low isn't it? I usually try to be a little less demanding on these and maybe end up giving up a few ticks in the interest of getting filled. A lot of times when it's selling off it won't quite get to the whole dollar figure, but will check up at XXX.10 or whatever. And sometimes it does penetrate down to say XXX.90 or XXX.80 or whatever. We know all of this. I just try to get the biggest chunk of the move. Rarely do you get almost the entire move. I always feel it's better to make sure you get filled before it comes flying up out of there, or if it's rallying, before it falls.
And if we're monitoring this in real-time it's a matter of judging the strength of the move. Will it continue selling off or rallying even more? Is this just one leg down or up? Where are the support and resistance levels? What's DX up to? And this is sometimes hard to judge. There are all of those times when we take a small chunk only to leave an equal amount on the table. Each move is obviously different.
And on a similar note, here's an interesting discussion on scaling in or out. http://www.elitetrader.com/vb/showthread.php?threadid=78975
Thanks for the update.
"According to news accounts, although new drilling techniques have greatly increased oil production in Bakken formation in recent years, as of February 2011 that region was still yielding less than half a million barrels per day."
The Saudi's produce 10-12 million bpd.
