CL Redux

mfbreakout said:
Out flat 102. CL moved too quickly for my way of trading to try long. I want consolidation before trying long.
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The 11:05 and 11:10 eastern time bars on the 5-min chart were the consolidation. The reason price consolidated there is because the value of the 60-min 20EMA at that time was 101.90. The 20EMA is a low risk area to initiate a pullback long position in a well-defined trend. Swingers looking to initiate a long or add to an existing long (or RTM shorts looking to cover from opening positions today) would've considered that price zone to be a great value.

:cool:
 
riskaddict said:
I'm getting long vol and slightly short on price again. The dollar seems to be breaking out and I'm just going to ignore today's inventory #s
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I think if we close below 102.80 bears stay in control above and that old ledge at 104.50 is in target. I'm doing nothing, so far price and theta hurting and IV is helping. If at 3pm we are below 102.80 I'll sell some 104 calls.
 
NoDoji said:
The 11:05 and 11:10 eastern time bars on the 5-min chart were the consolidation. The reason price consolidated there is because the value of the 60-min 20EMA at that time was 101.90. The 20EMA is a low risk area to initiate a pullback long position in a well-defined trend. Swingers looking to initiate a long or add to an existing long (or RTM shorts looking to cover from opening positions today) would've considered that price zone to be a great value.

:cool:
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Thanks for the feed back. Will keep the set up in mind. I guess since i wa short from

102.94 and had just covered at 102- was slow to react.

I did shorted CL around 102.81 and 102.88 and covered around 102.51 area.

Reason for short?

Picture is worth a 1000 words.
 
There was some brill scalping to be had

fu1cnd.png
 
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