CL Redux

Quote from EON Kid:

ammo is the 800 pound gorilla


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trying to stay james bonds mysterious/ anonymous,please don't show the world my mug
 
Quote from plyka:

Catching it there would have been difficult (at least it was to me). At that point i didn't have much of a clue whether it was going to rally or collapse. Already being so overextended to the downside, one would expect a rally.

In the longer term horizon, CL is in teh area of a major low. I never long term trade oil, just day trade is my game with the CL. GC is my longer term swing trading vehicle. But i am extremely tempted to enter into a long CL position at these levels. I think a minimum of $10 to the upside will come once this bottom is made. And the bottom will happen above $87 in my opinion. Even if it does go below $87, if it fits your personality to sit through losses, i highly highly doubt that this trade will cause a loss. Even if it falls to $85, a counter trend rally will bring it back up to $89 so you can get out at a zero loss. Unfortunately, it's not in my personality to be able to sit through such losses, lol, so this trade is probably not for me.
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Yeah it's always clearer in hindsight. I only trade intraday as well. Can't stand sitting through a loss. I typically enter with limit orders near the moving average (100 EMA, 1 minute chart) and use tight stops (.10). Get a pretty good risk reward and am fairly mechanical about managing the trade (usually target at least .60). I agree with your longer term view, just doesn't fit my trading style right now.
 
CL is still having relatively low volume and intraday volatility for such a magnitude fall, I cant figure it :confused:

k guys.. will cya'll l8r!
 
Quote from riskaddict:

What about all the hurricanes??
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i think we are in predepression now,if euro unravels,demand from closed factories is going to put a dent in price
 
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