Spanish89- Opportunist Trades (2nd journal)
- Thread starter spanish89
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Quote from usman88:
Ok lets see where the market goes from $98. Lets suppose you are long and I am short. Lets come back in a week and see where the market is
I'm an intraday scalper both directions, but let's say, for the sake of trend-following argument, that I held the long position I put on @ 95.03 when the shallowest support level held and the inventory report drove price up. I'm now more than 3 points in the green. I have the luxury of taking some profit off the table and/or trailing a stop.
Spanish doesn't have either luxury because he's fighting the trend in his trading time frame and is in the red.
1)I am talking about going long/short from current market rate which was $98 a couple of hours back (You already are 100 ticks in profit but thats not we are talking about here)
2)Let me clarify. My exact statement is
"Market will hit a ceiling of around $100 by teusday after which it will hang around $97-$99 for 1/2 days. Probably on Friday or next Monday we should see a $3-$5 drop after which downtrend should be established. Then within 4-5 working days we would head towards $91 which would be a major testing are"
Lets see if I was correct or not next week
This btw not just a statement. I made some shorts right now at $99 in the Jan12
Quote from NoDoji:
Yeah, true, and if I post a blotter, it's photoshopped.
And if I ask my trading roomies to vouch for me, I paid them.
whether you have placed a real trade at that level is besides the point. you only mention it AFTER it is 3-4% in the green. and then you say that you have the luxury, blah, blah, blah...
had oil reversed you would you have come out to this thread and reported your loss?
Can only pop into this thread and check the market after work has finished at the moment 
I bought the ES before work which turned out nice, netting me £750 although have been filled short on oil at 98.30 (spreadbet equivilent) whilst at work, which is currently losing me £220.
What is your current loss on this oil trade if you are still in it, Spanish?
Hope it comes good for you.
Good luck
I bought the ES before work which turned out nice, netting me £750 although have been filled short on oil at 98.30 (spreadbet equivilent) whilst at work, which is currently losing me £220.
What is your current loss on this oil trade if you are still in it, Spanish?
Hope it comes good for you.
Good luck
listen... i have no idea where CL will go. But your reasoning is NO basis for shorting unless you have deep pockets. Now, If I saw a key reversal (outside bar) and it was confirmed - - - I would back up the truck. lol
but unless there is a break of some major support or a key reversal/blowoff and the like - - - I can never understand picking a bottom or a top.
Wait... oh yes I can... years ago I lost a lot when I first started in the early 90s trying to be smarter than the market. After my arse healed I learned to never pick a top or bottom... better to sell after confirmation of trend reversal (and vice versa on buying) than to jump in with a dartboard trying to "reason" what will be a interim top!!
Buy high and sell higher + sell low and buy lower
-not-
only sell at top and buy at the bottoms
that said...
I am going to take a shot shorting CL sometime later this year. LOL
Think we could see a quick reversal at some point... just hate to short during Thanksgiving time-frame. Never been a good time to short much, to my recollection. Furthermore i find it hard to see CL going lower while DOW and NDX etc. are higher. If it does it won't likely be a trend reversal yet. I don't know CL market but I would bet they trade in tandem to a large extent.
Meanwhile I might take a look at CL chart and jump in long if we get a PB to support. Not familiar with chart but might be a few points to scalp while I pass the time watching theta come off my front month options.
I am going to take a shot shorting CL sometime later this year. LOL
Think we could see a quick reversal at some point... just hate to short during Thanksgiving time-frame. Never been a good time to short much, to my recollection. Furthermore i find it hard to see CL going lower while DOW and NDX etc. are higher. If it does it won't likely be a trend reversal yet. I don't know CL market but I would bet they trade in tandem to a large extent.
Meanwhile I might take a look at CL chart and jump in long if we get a PB to support. Not familiar with chart but might be a few points to scalp while I pass the time watching theta come off my front month options.
Quote from usman88:
Ok lets see where the market goes from $98. Lets suppose you are long and I am short. Lets come back in a week and see where the market is
that reasoning will absolutely blow up your account if done long enough.
Let's say in a week you have some profits - - - does that mean your reasoning for entering against the trend makes sense.
I think not!
I can see shorting CL and owning some OIH or SLB calls and the like.
b.t.w I trade OIH and SLB. Been buying and selling calls for +$, on SLB and OIH.. and shorting puts, for past 2-3 weeks! Just closed SLB Nov 75p today.