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hate to toot my own horn, but off to a great start.. shorted 3 contracts may 108.71 10:44.05 108.69 10:43.049 108.74 10:44.06 yup i tooted the horn too early and the market is exploding higher on me.. I will be exiting MOC today or within last 5 mins... just hought i'd let you know.. my 3 pos might move the market!!!
just covered.. was up a great deal more earlier bot 3 MAY @ 108.56 12:23:33 PLUS 520 WILL BE LOOKING TO SHORT RALLIES ON FRIDAY
Whats the point of calling a 'top' if you are daytrading? (judging by MOC orders) So what, if it goes your way, you shorted from 110->107. How is that different than shorting from 95-> 92 ??
thanks for the input... i call a top eventhough day trading because.. the trend is made up of days of data which is made up of minutes of data.. if i am right then i sell rallies intraday.. and hold i do not scalp.. however.. the other day at my high equity point my 3 pos were up 3k.. i watched that get eroded up to the close... if the mkt had closed down extremely hard then i might have held over night or used my proceeds to buy a bear spread. i adamantly believe following the trend even intra day is of utmost importance.. so if oil in up trend buy dips/if down sell rallies....HOWEVER, AT EXTREMES IN PRICE IT IS PRUDENT TO BE CONTRARIAN AND GO AGAINST THE GRAIN.
I hope you have a large account, that is certainly a perfect recipe to blow up, oil makes a new high everyday! Try going with the trend, you might actually make money. You will rarely call the exact top or bottom in this beast. Good trading! el surdo
So let's see. You're calling a top of some kind in oil, you short at 108.71 and you cover at 108.56. If you feel oil is toppish, why would you liquidate a trade that moved in your favour? That's a classic newb mistake. Did you ever hear that you can't go broke taking a profit? Don't you believe it. I do commend you for trying to step in and short when everyone else is scared to do so. It seems bizarre that you closed the trade out though, since you called the thread 'calling a top in oil'. Maybe you should have called it 'Scalping oil from the short side'.
HAVE YOU LOOKED AT OIL SINCE IT'S HIGH ON THE march 13TH... IT HAS BEEN LOWER EVER SINCE... and closed lower.. i think lower highs =downtrend .. we'll see ... 107.60 if broken monday will start the sell off