A new pivot line appeared on my chart @ 88.45, which was my target on that b/o. oh boy here it comes again.
âIt looks like there is a lot of worry in the market about a possible closure of the Suez Canal because of the escalating tensions in Egypt,â said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. âThat makes perfect sense about the rally weâre seeing in the crude market.â The Suez Canal, which connects the Mediterranean and Red Seas, moved 1 million to 1.6 million barrels a day of oil and refined products north to Europe and other developed economies in 2008 and 2009, according to the Energy Information Administration, the statistical arm of the U.S. Energy Department. The EIA identified the canal as one of seven âworld oil transit chokepointsâ in a report earlier this month.
Thanks, Kid. That was a "second mouse" entry for me. The price trigger was 87.88, but the slightly LH I shorted earlier made me nervous, so I waited for a level to hold first (turned out to be 87.83 on the 1-min chart), then got in on the second move up from there.
Woooo! Did a quick .25 to .41. So volatile scarred me off. Shoulda, coulda, woulda. Got to be Egypt driven.
The only trades that's been working for me in this environment is averaging/scaling into my positions. The general direction is obvious; however, my timing needed help from the dreaded "avg down", which I know is like playing with explosives...
And all you have to do is follow price and you know to go long not even knowing the news. (Though I imagine we should all just buy and hold at this point, knowing the news.) Boys and girls, this is why even you love to counter-trend trade, always place your protective stop because that 20-bar moving average that price ALWAYS comes back to has moved about a full point from where CT traders likely started averaging.