CL Redux
- Thread starter schizo
- Start date
A bit frustrating as I didn't take my $600-700 which was there for quite a while and then I was busy and missed the breakout. Oh, well. The low or high of the day play in the first hour was there again. It just wasn't the one I played.Quote from BCE:
Unfortunately I was off doing other things. Oh, well.
I shorted the high of the first hour which I was hoping was the high of the day heading to around 104 or less. But as we saw the 104.62 was the low of the day first hour play instead. Was just trying to do what I generally don't do and let a trade develop more through the pullbacks and bounces, etc. But today made a strong case for scalping, especially when trying to trade against the overall longer term trend. And scalping is more what I usually do.
A lot of these moves are speculative bullshit about now. Pure momentum runs based on fear bred speculation more or less. Or just traders running this up because they can. Sometimes it's hard to trade the irrationality of the market. Oh, well. Too distracted with other work today. Cheers.
Just a few more thoughts. The reason I shorted this earlier this morning @105.32 wasn't because I thought it was overbought or had run up too high, or anything along those lines. The reason I shorted where I did was just from observing the action in the SuperDOM, and pretty much nothing more than that. It peaked originally above 105.40, and then for a number of times it tried to take that out it got immediately knocked down. When you see that happening that's a good sign of a pullback and more than a few ticks usually.
Have a good night everyone. Hope you all had a great day. See you tomorrow.
Have a good night everyone. Hope you all had a great day. See you tomorrow.
FWIW, I shorted a wee bit lower than your price around the same time and scalped a bit over 30 ticks based on a lower trend line (across the 6:55 & 8:00 EST lows). I then passed up two fine 1-min re-shorts due to a severe case of TWT (thinking while trading), then later took a 5-min short @ 104.87 (break of the 9:40 bar) and held it from a 20+ profit all the way back to b/e because of the "Law of the LOD" that states price is required to test and run the stops of any current LOD in the .60's so that patient buyers can take advantage of the liquidity of the stops to put on huge positions at bargain basement prices in the low .50's and high .40's. CL was obviously in no mood to respect the Law today.
The PA after that was awful (for my trading style, anyhow), until the TL breakout.
Maybe SteveH will chime in and tell us how many "adds" he did during that run. I'd venture to guess he did 3 adds to the initial position
BCE, when I started day trading in mid 2008, I did really well at first. I then screwed myself trying to swing for larger moves. I personally think there's more overall profit (at the end of any given month) trading CL in smaller chunks.
P.S. What is the SuperDOM???
You know me, I'm like you. I'm a scalper. Although we have a different trading style to some degree. And I do well that way. But I got tired of exiting positions "too early". You've read my extensive comments on all this here which I've shared for quite some time.Quote from NoDoji:
FWIW, I shorted a wee bit lower than your price around the same time and scalped a bit over 30 ticks based on a lower trend line (across the 6:55 & 8:00 EST lows). I then passed up two fine 1-min re-shorts due to a severe case of TWT (thinking while trading), then later took a 5-min short @ 104.87 (break of the 9:40 bar) and held it from a 20+ profit all the way back to b/e because of the "Law of the LOD" that states price is required to test and run the stops of any current LOD in the .60's so that patient buyers can take advantage of the liquidity of the stops to put on huge positions at bargain basement prices in the low .50's and high .40's. CL was obviously in no mood to respect the Law today.
The PA after that was awful (for my trading style, anyhow), until the TL breakout.
Maybe SteveH will chime in and tell us how many "adds" he did during that run. I'd venture to guess he did 3 adds to the initial position
BCE, when I started day trading in mid 2008, I did really well at first. I then screwed myself trying to swing for larger moves. I personally think there's more overall profit (at the end of any given month) trading CL in smaller chunks.
P.S. What is the SuperDOM???
I think it's a matter of when to let trades run. And as I mentioned earlier, today just wasn't that day. :
Quote from BCE:
If you're doing a counter trend trade against a strong trend, that may be okay. But if you're up $700 you better take it before it reverses and resumes the trend.
When it was testing support around 104.60-70, and did so several times, that was a good exit and reversal point. I had a number of chances and mainly was too busy with another project. So that's my fault in a way. You can't expect to trade really well if you're not fully here and fully focused. And my other project was very frustrating as they wanted us to complete it without the proper documentation. And I spent all day trying to figure it out and only did partly.
Oh,well. I'm going to chill and watch a movie. The great thing about the market is unless you do stupid things and lose all your money there are always great opportunities the next trading day. It's cool
ADD: And the other thing is, as I mentioned, I made money shorting TF. The market just seemed overbought and was ready for a small intraday pullback. And the DOW running into the 13k ceiling was a good op.
Wishing you all the best with your shorts, ammo. I was thinking earlier I'd be super careful holding shorts through any market close as you never know what could happen while we're gone. I would never hold a short through the weekend for instance. My take.
ADD: Who knows where this will top out? I just try to observe the action and make a decision from there. We'll see if Thursday's EIA report has any effect. It seems right now all of the crazy momentum traders are driving this up. At some point people will take a profit on this run up. Hey, we had 142 in 2008 and then 114 last year. See what we get.