Well, how did oil do today (CL - Tuesday July 22, 2008)? Previous close to todays close, down 340 on the new front month This is what the mo-fo (U8 contract) did from open to close: down 169, up 108, down 65, up 89, down 70, up 58, down 172, up 112, down 84, up 95, down 53, up 235, down 119, up 70 & down 110. Yesterday a fast bottom at 14.14. with a big upswing into the close - 160+ from the 14.14 bottom while today a top at 14.14 and a net downswing into the close - 159 points going down. Ok, here is something to get savvy about: note your time line. All stuff at ET only concentates on price - never when it happens. But everything on a chart is price by time. ".. ah bubbling crude.. oil that is .. black gold .. Texas tea"
Reaching second attempt for support around $120. And...? I'm finally right with IncreaseNow, LOL. Sadly, no more money to short, account was wiped out. Yep, we were right with empty pocket. This is a good example that trading is very risky that even the trader was right but with little precision missing, we're finished. Lesson learned, NEVER HAVE A STRONG CONVICTION OF SOMETHING. NEVER BELIEVE TOO MUCH IN OUR PREDICTION. JUST FOLLOW THE FLOW. In other words: I think ... => ok I'm sure ... => not ok
actually you got that lesson wrong the lesson is trade oil at 1:1 margin then you can afford for sanity to return I know it aint exciting trading at 1:1 though. I'm looking to go long oil at around 85-95 If we dont see 85-95 zone, then no trade
hmmmm...well it did hit it, but now...hmmm...really way under $135.00...will we ever see $135.00 Oil again?...what do you think?....I traded the CL and ICE Brent Crude Oil today...would have had a great CL trade but my platform was set to a default cash loss amount and it exited me out too soon...would have been a good profit...did make $$$ trading ICE Brent Crude Oil today...gotta love the CL and Brent Crude Oil per point value... 1 point = $1,000 1 tick = $10 anyone trade the QM mini Crude Oil?...I hate the huge spreads on it...
what does this mean?...forgive me for not understanding but...what exactly does this mean...please explain...thanks...
you are waiting to trade Crude Oil until it goes to $85-$95????...no trading until that level is hit?
okay...please break your timeline strategy down for trading the CL from 9:30AM to 11:30AM New York time...thanks...
The falling dollar has caused the prices of the Oil to rise; as international prices of Oil is in US Dollars. Thus, when US dollars fell the prices rose dramatically. Please have a look at the following threads to have a clearer idea: http://www.elitetrader.com/vb/showthread.php?s=&threadid=104501 http://elitetrader.com/vb/showthread.php?s=&threadid=108642 http://www.elitetrader.com/vb/showthread.php?s=&threadid=55456 [/QUOTE]great post!..right on!
correct. unless it hits around 175 to 200 first, then i will go short.... 1:1 margin means as follows: the CL contract is worth $120 000 when oil is trading at $120 per barrel. Therefore to open up 1 CL contract long or short, your trading account should have $120 000 capital in it.