:02 stop to be (.93) - about to get stopped out be :04 stopped out be Have a nice Thanksgivings everyone Go get your extra half buck, StarT!
Picasso: Its an uphill battle to short after 1:20 cst. Equities are near their highs---a standard play is to be in crude when equities blow out any shorts on the melt up close. Crude is in an uptrend, and they move it up so crude opens higher for the next trading day---the move up occurs after forced liquidation of retail traders 1:15 cst.
BlueStreek, Thank you for the pointer. Normally I don't put on trades after 1:00 CST (live) or after the close (sim). I saw some weakness in the euro and I thought equities were going to correct some before the long weekend (basically day traders in the green for the day). The point of most volume traded in oil was around .50, so I thought that with a bit of a push by the equities we'd go there. No such luck.
There is a play, it works some of the time, and that is to short the high right before the close in equities, and then some cl traders get out and close out their longs---sometimes you can get a nice scalp.
yeah, Picasso it sin`t about price, its about price relevant to time. For example 83.71 was an excellent short entry point for what 8 plays lower by 10-40 points, but a nice safe 8 scalps of 10 points for sure, and those add up. But that price is no longer good once the pit closes, basically after 1:00 as you say to be on the safe side, and whole new prices become open for possibilities once the majority of day traders close up shop for the day---you see this around 12:45.....traders leave the market, and 1:05 traders leave the market.....and after 1:15 new players with their own agendas make what seemed good prices to go short in the regular session null and void---one of the toughest things for me to learn----you almost have to break crude into different sessions---the pit, after pit to the close, the 5-7 open, the asian open, the euro open, and then pre-market before the us pit open, and it all starts over again. And different price possibilities are at play depending upon which market your trading, and don`t try to equate the price levels that apply in one market time frame, to prices during a different market segment with different players. You have to adjust your price expectations as well.
i just went out and bought like 5 turkeys...no idea what i am going to do with all of them but it did seem appropriate after such an awesome runup and 84 getting nailed by EOD
after all is said and done, im up 0.5% this week....but i feel like i won the lottery after the shellacking i took yesterday lol. miracle to be up after that, and its due in large part to crude, which held tough yesterday and then blew the doors off today. i closed all my crude positions at EOD today though...we'll see if that ends up being a mistake. im just hoping to buy in on a retracement...i expect 90 again post-haste.
DX is running into its 100 day ma and i see support at 82.50 continue buying? If I do buy oil I'm shorting es because 1174 is almost a given at this point plus it would make make me feel all warm and fuzzy if the market goes down with high oil prices, it would almost be .... logical