This is really good stuff - can cause some volatility to come back to Indexes/equities. What's next Iran? Place your bets. :]
Talk about irrational exuberance. This is obscene. Just exactly how much of a dent will Libya have on the total output? There's a friggin' rumor that unrest is stirring inside Saudi Arabia. What will happen then? We hit 500? Yeah, I know. As a purely PA trader, all the crap that goes around the world shouldn't matter. But, jeezus, you can't help notice what morons we human beings are when it comes to money.
1st counter trend trade for me on CL. I was short although the overall trend was up. However, the current trend is down with all red candles, my indicator also signaled short. Concerns on this trade were that I was near the 20 EMA which could offer support to the longs but if broken would allow my target to be hit. Other concern I did not get in soon enough to this therefore I was using a standard stop rather than chart based. I don't really consider this a scalp since I did have a chart based target, but I was not going to get a full swing profit since I got in late. I am not really chasing though since I am getting in before the break of the EMA which is what my indicator says will probably happen. After getting the trade I took 7 ticks of heat right away as longs battled me. Finally, the trade started to go my way, and I lowered my stop enough so that I would not lose more than I currently was up previously. I then decided to take a shower to take my mind off the trade and left stop and targets alone. My target got hit without problems. I could and should have given an even lower target since CL is moving strong lately and my lower target would have been hit also. If you notice,, CL did previously make a double top and that held. Also, any of the longs I took money from can't expect the market to go straight up forever without a pullback.