SHORT oil @$125.55 and up
- Thread starter 5Pillars
- Start date
Yes, but I didn't follow it.
i shorted CL around the same time as the OP- @ 123.67. unlike the OP, i don't have the magic 10-10-10-10-20 average into a losing position trading edge to have made shorting CL a profitable venture...
me, i've had my dick handed to me. i've been stopped out while sleeping and then reshorted 1.50 below the stop out only to see it run back up thru the old stop out (leapfrog my new stop limit- won't use one of those in CL again) and go ~$8 higher. last night i doubled down, and then tripled down at 5.09am. just couldn't bring myself to keep that much riding while i slept, so i bailed on the last add after a .37 gain (bfd).
alas, i bailed on 1/2 the position @ 14.27EST today when i got stopped out @ 130.59. still holding the remainder, as 1 day pullbacks after such a run are rare. still, i've been so trashed by this trade that i'm debating just closing it and moving on. this has been a great reminder of why i decided a year ago to move to day trading vs 20+ years of swing/position trading. win or lose, it's over at the end of the day- no waking up to, well.... unpleasant P&L news.
still down (remember, i lack the magical shorting acumen gene that would have allowed it to be profitable even though it moved against me- damn), but the double down helped mitigate the carnage.
what to do, what to do....
btw, too bad Paulson isn't hooked to a lie detector for this interview on CNBC! he knows exactly what GS is doing with OTC swaps and how they've exacerbated the parabolic moves in commodities- he helped engineer this shit. uph, now he dragged out the 'strong dollar policy' line- that would have blown up the machine!
me, i've had my dick handed to me. i've been stopped out while sleeping and then reshorted 1.50 below the stop out only to see it run back up thru the old stop out (leapfrog my new stop limit- won't use one of those in CL again) and go ~$8 higher. last night i doubled down, and then tripled down at 5.09am. just couldn't bring myself to keep that much riding while i slept, so i bailed on the last add after a .37 gain (bfd).
alas, i bailed on 1/2 the position @ 14.27EST today when i got stopped out @ 130.59. still holding the remainder, as 1 day pullbacks after such a run are rare. still, i've been so trashed by this trade that i'm debating just closing it and moving on. this has been a great reminder of why i decided a year ago to move to day trading vs 20+ years of swing/position trading. win or lose, it's over at the end of the day- no waking up to, well.... unpleasant P&L news.
still down (remember, i lack the magical shorting acumen gene that would have allowed it to be profitable even though it moved against me- damn), but the double down helped mitigate the carnage.
what to do, what to do....
btw, too bad Paulson isn't hooked to a lie detector for this interview on CNBC! he knows exactly what GS is doing with OTC swaps and how they've exacerbated the parabolic moves in commodities- he helped engineer this shit. uph, now he dragged out the 'strong dollar policy' line- that would have blown up the machine!
ImPO it's much safer option to increase size after level is hit again, not when price is moving away from your entry & in the opposite direction of your trade. And if you think about it, it's not just safer, but more logical. Get stopped out & wait, if your right then price will confirm by getting back to your entry after they finish with their games.
Which method? You mean one day of day trading? I'm ok if the trend is clear to me and I'm trading it the right way. I seem to do better (with less stress) though, if I trade the intermediate term swings. We'll see.
Thanks - it was a good signal for original entry as oil had over a $4.00 per contract drop after my initial entries.
The decision to continue the trade after rotation back up to my initial entry levels was my own based upon the overall technicals - so far so good, took some heat one day but that is just the way trading has to go sometimes - remember, this is NOT a NO RISK game.I was not able to get filled at 130.00 on Thursday (missed targets by a few cents) and had to take fills at 130.40 on the rebound for +1.10 per contract. Today I have covered the remainder of my 131.50 entries at 129.50 for +2.00 per contract. My targets for $128.35 entries have been moved to $126.35 for 1/2 of the 128.35 entries (will hold the rest for lower levels). I am still holding all 134.50 and 134.25 entries.
I had excellent accordion action on Friday and again today so far with numerous scale in and scale out hits. I have been adding typical small accordion entries with any trading above 133.00 and scaling out with trading at 132.00 and below. I am out of accordion short entries from 133.00 and above from Friday/Today with the price drop this morning as all are now scaled out - I will not scale accordion entries back in unless we are trading above 132.50 now.