Youngtrader's Commodity Journal
- Thread starter youngtrader
- Start date
Quote from youngtrader:
Didn't have any school today cause of the end of the semester so I have been glued to this screen since 3am and have had S&P squawk in my ears since 8:30. So im about ready to go out tonight and have some fun (not saying trading isn't fun)!!!
Shorted yet another S&P today at 1420. Average is now 1414.75 on 5 contracts (I should of just sold the big contract). We are going lower still imo but I wish we could of closed below 1400. I plan on taking profit on these contracts around 1300-1325 when we get there.
Oil just loves the downside and so do II shorted another contract at 92.76. Average is now 94.37 on 3 contracts.
Was trading mainly s&p and euro fx today. I really like the s&p contract to trade intra day but sadly my hours don't allow to trade the stock indexes. Currencies are pretty much my only bet. Euro trades really nice though so I think im going to focus on that a little more.
Keep it up YT, you'll go a long way in this biz.
Thanks for the warning although I don't think we are going to get a retracement (I wish I felt the same for my S&P lol). 91.37 is the next support level. From there we are going to 85 rather quickly. After a break through 85 we should plummet to 78 and at that point I look for prices to hold in the short term.
On my S&P. I felt pretty good going into the close on friday but now after looking at both the daily and weekly chart I am having second thoughts. On the weekly we have held the 100 day ma. On the daily we have held the 1400 and stochastics are in oversold territory and turning higher. Although a lower low monday on the es would set us up for trade around 1375 level (august low level). A break through there sets us up for 1350 and then 1325.
I think we might be putting a little too much bearishness in this market too soon. They say the ratio of bearish to bullish traders is substantially larger than what we have seen in the past few years. This week will be SO important!
Reaver
Thanks a lot man I appreciate you taking the time to read my journal!
usman88
Thanks a lot for the heads up on oil and for the warning earlier. I appreciate it a lot!
Im out of all 3 contracts though at 92.78. Total profit $4,770. Not bad but I didn't expect this pop and im not letting them take away all that cash.
Currently im mixed technically in crude. Im watching for either a break above todays high or a break below todays low. It could go either way but we are getting a little oversold so my thinking is we might get another pop tomorrow and I might be able to "position scalp lol" the crude market with a long on a break above todays high for $ .50 If not then I will look to get short below todays low. My longer term bias is still lower and I look to maintain that bias until we reach 78-80 level on march crude.
Out of all my es positions today at 1410. $1,187 profit there. Im kinda upset about it though. I honestly thought this thing would just plummet but it doesn't look as though the time is right yet. Im staying on the sidelines until im sure we are going down the drain.
usman88 what is your thoughts on crude after todays close? I know you said 94.43 is a nice short but were you talking intra day or for a longer term trade like im doing?
Thanks
congrats on the nice profit there bro, keep up the good work!
Rtrader2525
Thanks, im trying my best to get to my goal this year and hopefully there will be more profits to come but no doubt there will also be draw downs.
Total profit this year is $6,747 so far for those who care.