i totally respect your opinion, but if the past 13 months have taught us anything, it's that market can be manipulated. Moreover, the crude market for the last 2 months have completely ignored the underlying fundamentals. It would briefly dip after the EIA and then rally in the subsequent days. As you may know, one day does not a trend make. Anyway, it's about time CL kicks up some stink in the AH. Let's see if we can get up to 84 as my broken crystal ball sez.
hmmm consensus says 83+ lets hope they start a quantitative easing program in europe overnight...we might see 85
Stop to 82.36. What's with the gap from 82.26 to 82.36? Is that a common occurrence this time of day or is my chart gone bonkers?
Go back to Bluegold day (2/4/2010) and you'll see it. That lasted two days. Today's big move was partly caused by the May Day holiday in Asis and part of Europe (Greeks using May Day to parade?!). After the long weekend, markets reacted strongly to the news on Greece. To me, the $4 selloff is a bit overdone. But CL is an investment product, and will follow equity and dollar. For swing trader, this is a good opportunity to enter.
How would you manage a swing trade, entering at this level? Would you place a stop, or would you just average down and take profits on the eventual pivot and move back up?
probably just your chart, try closing and reopening the chart, that usually fixes mine. I don't have a gap in mine there.
Most of the day trading technics apply. Then you can analyze the wave counts, ratio retracement (Fabonacci, etc), and other technicals, like MA cross or parabolic. Yes, you would put on a hard stop, and a profit target. Then you can adjust them, using SAR parabolic if you like.