CL Redux

[ZapCoffee]

Quote from ZapCoffee:

I have the day at home for the hurricane on the East Coat!! So I get to trade today.

BUY 85.75 8:17 AM
SELL 86.2 9:20 AM
+ .45

BUY 86.03 10:02 AM
SELL 85.92 10:21 AM
- .11

SHORT 85.91 11:22 AM
Waiting to cover this for a profit!

edit: looks like it's breaking through 85.8 for my 3rd trade. I think the momentums going to build up and give me a large profit down to around 85.6

can't edit this anymore;

COVER 85.38 12:17
+.53

Since it's in the daily low range now, I'm waiting for some support to kick in and send this back upwards. So I'm looking for some buy signals

 

[ZapCoffee]

Quote from ammo:

still trading at 11 03 but the flattening hedge against currencies may have been the reason for that drop

Yeah that drop ended about 10 minutes after 12. I think you're right. I'm looking at 1 minute charts to wait for the buying momentum to kick back in and ride it back up.

edit: holy shit it broke 85 and is still dropping. I don't think is just people going flat. my system said to stay in and stay short -- but this is pretty educational actually. sitting in front a screen watching streaming data really makes you emotional about your trades. i saw it hitting lows and my emotions told me to cover my short. system said to stay short -- system was right.

 

[Visaria]

Short 8490

 

[Visaria]

Is this storm not going to affect the Gulf of Mexico? I assume not.

 

[riskaddict]

Quote from Visaria:

Is this storm not going to affect the Gulf of Mexico? I assume not.

Not even close but with nobody doing anything for 2 days in the most populace part of the country it will be interesting to see next week's inventory. I guess inventory day will be Thursday this week?

 

[ZapCoffee]

Quote from Visaria:

Short 8490

Interesting, mind explaining some of your reasoning process here? I can't imagine why you'd want to get in short after that huge drop unless you were just looking for a scalp or something.

 

[Visaria]

stopped out at 8520

 

[ogarbitrage]

Quote from ZapCoffee:

Interesting, mind explaining some of your reasoning process here? I can't imagine why you'd want to get in short after that huge drop unless you were just looking for a scalp or something.

Old support became new resistance after the drop.

 

[Visaria]

Quote from ZapCoffee:

Interesting, mind explaining some of your reasoning process here? I can't imagine why you'd want to get in short after that huge drop unless you were just looking for a scalp or something.

Was looking for a big move down, didn't happen.

 

[ZapCoffee]

Price has been ranging aroung 85.3 after that huge drop. 85.3-85.4 is the one place in the drop where there was resistance. If we can get some momentum here, there might be a swing back up?

If not though, I think we'll just see oscillations from 85.3 to maybe 84.8 for the rest of the day.

edit: really low volume at 85.3. no one wants to buy or sell here. the price has got to move to pick up volume