CL Redux

It's an interesting article for longer term oil prices, however shorter term CL and oil are affected by Europe. If Europe does better CL will go up, if not, it will continue to go down. So you want to watch shorter term news to get an idea for trading with the day. After that, look to trade with a technical setup.

My 1st trade for today was silly, I chased a counter trend long trade and got stopped out. My last trade was a nice long on ES, that worked out, but I ended up just BE for today. I need to be more patient for my 1st trade, and study the charts longer and not think I need to jump into a trade right away.

Quote from roreilly:

US predicted to be world's largest oil producer by 2017


I keep seeing articles referencing an EIA report on U.S. Oil Production, but I haven't been able to find the actual EIA report.

See for example:

http://www.csmonitor.com/USA/Latest...ed-to-be-world-s-largest-oil-producer-by-2017

CNN also had an article. If anyone has a link to the EIA report, that would be appreciated.
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Quote from oraclewizard77:

I sent NoDoji a pm about trade management, since I want her advice since while I do study my charts of the market everyday after the close, I think she spends more time during market open trade hours then I do, and I probably going to get my 10,000 hours a long time after she does.
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I'll share the core of my reply with the whole crew:

1) Never chase counter-trend

2) You can chase with-trend a little bit :p :p

I hit my 10,000 hours this year :cool:
 
Quote from NoDoji:

I'll share the core of my reply with the whole crew:

1) Never chase counter-trend

2) You can chase with-trend a little bit :p :p

I hit my 10,000 hours this year :cool:
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Those are your entry guidelines.. You forgot to mention your more important exit guidelines (which really is your edge):

1) Always exit with part of your position after a little bit.

2.) Exit your whole position after a whole lot.



Wolf
 
Quote from wolfpacker:

Those are your entry guidelines.. You forgot to mention your more important exit guidelines (which really is your edge):

1) Always exit with part of your position after a little bit.

2.) Exit your whole position after a whole lot.

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Forgot to list your master guideline:

** You will be able to effectively trade using these simple guidelines after you have put in at least 10,000 hours per year for 3-4 years.**
 
Quote from wolfpacker:

Those are your entry guidelines.. You forgot to mention your more important exit guidelines (which really is your edge):

1) Always exit with part of your position after a little bit.

2.) Exit your whole position after a whole lot.



Wolf
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If you want a TRUE edge in trading you have to take the advice of Oilfxpro, whom I'll paraphrase loosely because I'm too lazy to take him off my Ignore list and search for the exact words, but it was along the lines of:

I don't take bad trades because they fail. :p

BTW, CL 60-min chart's looking like it needs a defibrillator again...
 
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