Ernesto

I'll typically let crude run up to $1.50 against me if I'm fairly certain that trend and momentum are in my favour. Also, I figured crude would sell off if the storm proved a non-event so I held out a little longer.... My timeframe is normally a week or so i.e. between DOE reports.

Momentum wise it looks like we've now made a lower high (and low) and we could have some more downside potential in next week or two. However, today's run probably a little overcooked right now.... Plus we're also getting into some serious support levels now.
 
Quote from contango:

the majors have quietly issued orders to get the price of crude down.... It doesn't really matter to them what the price of crude is, as long as the refining margin stays high. OK, it's my pet theory but it's based on chats with a few physical traders.
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I agree completely. OPEC does not want prices too high as it just encourages massive investment in R&D for alternatives. I'm with the physicals guys. I'm a bear.

I'm a day trader though, so doesn't really matter to me so much. Am looking for the bearish setups more aggressively though.
 
Would have been even nicer if I hadn't taken my profits too soon. Ultimately the market over-reached (again) and took out even more than the storm premium put in. I reckon you should see a little strength from here on going into the report. But I'm sticking on the sidelines now until the picture clears up some more.
 
Quote from Surdo:

I am playing on The Long Side, just started to average in.
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Are you averaging down today, Surdo? Or do you have a stop loss exit?
 
Quote from Surdo:

I will add @$69.
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Now how do you decide to do that? Will you keep buying if it keeps falling? $68? $67? $58? $57? I'm not saying it will fall that far, but it isn't impossible. Is there some point you decide enough is enough and cut your losses?
 
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