Some observations on scalping Crude

Quote from lolo24ca:

hey Old trader. Do I use those kind of stops when trading ? yes. I risk about $1500 to $2500 per week on the CL( if I, see opportunities of course). I started trading oil futures in February. I found that they're perfect for technical trader like my self
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I trade CL intra day. I am curious on how you determine you entry, stop and target? Also if your target is not hit in the week, then how do you go about exiting your trade?

Just interested in how longer term traders justify their trades from us intra day traders.
 
Well for me..it's all about technical analysis. I been studying t.a. for 5 years now, since college, and I find that it's the best thing that works for me. Now to answer your question,how do I determine entries and exits. It all depend on the formation I see on the chart( double tops, wedges, bullish harami, etc..). For example;last Friday the CL made a double top on the daily chart. The high was 62.30 and low of 59.50. Usually a double tops means more bearish movements are around the corner. So I placed a short below the the low of the week and a stop a little bit above the high, which worked perfectly. I'm not always making money of course with this strategy, but i can say that it usually works 60% of the time. hope I answered
your question. :)


www.liofmc.blogspot.com
 

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I have been trading QM since Katrina in 2005.
If you are going to swing trade it, you need to average into a larger positon or you can get blown away.

Look at the bottom pickers that thought 70 was support!

It can be a lot of fun to trade this monster, but pay attention to inventory and fog in the channel. I watch natty as well.

I will cautiously start buying new lows this week, ya' think we get to $55?>>>Maybe!

Great call on that $62 top LOLO! I was being greedy and missed it waiting for $62.50.

Good Trading!

el surdo

PS: don't forget about rollover this week.
 
I've never traded crude (CL), but out of curiosity I pulled it up on my IB screen.

Why is it that the APR07 is traded on "ONE" and appears to not be trading? The MAY and JUN contracts appear to be trading actively on NYMEX.

Do I understand correctly that QM is the mini for crude?

Sorry for the noobish questions but I've been looking at index futures a lot lately.

Later: sorry, it looks like crude oil and the Colgate Palmolive SSF share the same symbol - CL.
 
Hi guys


it has been a good week for bullish traders. I'm still bullish for next week. I'm long at 61.40 and have a target of 63.20 for sure..maybe 63.45. We shall see. The blog is updated with new analysis. Enjoy the rest of your weekend and good trading !!

cheers :)


www.liofmc.blogspot.com
 
Quote from stevegee58:

I've never traded crude (CL), but out of curiosity I pulled it up on my IB screen.

Why is it that the APR07 is traded on "ONE" and appears to not be trading? The MAY and JUN contracts appear to be trading actively on NYMEX.

Do I understand correctly that QM is the mini for crude?

Sorry for the noobish questions but I've been looking at index futures a lot lately.

Later: sorry, it looks like crude oil and the Colgate Palmolive SSF share the same symbol - CL.
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QM is the mini version of CL , half of the face value, but trading volume on QM is less and less now since CL has also gone electronic.
 
Quote from lolo24ca:

Hi guys


it has been a good week for bullish traders. I'm still bullish for next week. I'm long at 61.40 and have a target of 63.20 for sure..maybe 63.45. We shall see. The blog is updated with new analysis. Enjoy the rest of your weekend and good trading !!

cheers :)


www.liofmc.blogspot.com
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WOW...I completely missed my entry point on that one. we'll see what happen !!!


www.liofmc.blogspot.com :)
 
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