CL Redux

I've been playing on paper, and practically every trade I would have taken would have been either a full stop or b/e - assuming no slip, which I doubt. Even the 1 minute bars don't show the craziness!

CL seems to have lost its mind today.

 

long @ 94.80, with a stop @ 93.90 (Target of 98.20)

 

Why not just put a tighter stop on that and try again if it doesn't work? Why ride it down? But you may be okay with that.

 

OIL IS GOING FUCKING SICKKKKKKKKKKKKK

 

The 1-min chart has been excellent for me today.

 

10:00am

U.S. Feb. consumer confidence 70.4 vs 64.8 in Jan.

http://www.marketwatch.com/story/february-consumer-confidence-jumps-to-704-2011-02-22

 

There were definitely some trades where a wider stop and not moving to BE would have worked very nicely. I'm still moving to BE after 8 ticks. Not working in this environment.

 

Definitely allow 10-15 ticks before moving to b/e. Anything less is brief noise today.

 

Closed my short and long 94.95 now (but I closed it at 95.13, and rebought at 95.22)

 

And out 94.92, jeez