no i keep it simple...but I don't have the nerve (or patience) to sling around futures trades all day long like the rest of you guys...just use similar levels to put on legs of the spreads and then sit on them for a bit...just a better way for me to keep the blood pressure down.
Damn got punked on that last push to the highs today, terrible trade, shorted 2087 then stopped myself out when we approached the highs under the assumption that if we were approaching highs again, we were going to take them out. I thought we were going to set lower highs after the first later day dip so i ended up scratching my short, so pissed at myself right now. So mad at how bad i punked myself, but it cost me nothing, and as a trader im all about making my trade "free" as soon as possible.
Still holding that position..... I have that position and will add more to it once oil breaks below $40, I think its going to get worse before oil makes a bottom meaning at least another 20-30% drop, I think it will be at that point that OPEC cuts, that will send oil back up, so slowly I have been buying UWTI on the way down cost averaging, yes I know how these ETFs work with their erosion over time, but if you slowly average in you can erase that erosion off the trade somewhat....with oil down every day UWTI has continued to drop, I started buying UWTI when oil broke $50. Im going to cost average in more once oil breaks $40 and UWTI is under .90, Im sure by then there will be a reverse split, volume on that ETF has been INCREDIBLE, today alone over 125,000,000 shares traded....my cost average is around $2.30, once I add more shares I will bring my cost average down to under $1.50-$1.75, all it takes is a move of oil back to $50-$55 and UWTI will be trading back above $2.00. On March 18th UWTI traded at $1.79, thats when oil was in the mid 40's, oil skyrocketed to over $60 a share, of course everyone thought it was going higher, on May 6th, less than 2 months later it traded at a high of $4.28. A jump of 139% in less than 2 months, once oil starts to move it moves, and if the right recipe comes together you could easily see oil jump back to $60 on OPEC cuts and a surge in demand due to what ever excuses they have in the book.
8 banks agree to pay $2 Billion dollars, oh wow $2 billion bucks, thats it? Divided by 8....so lets see, that $2,000,000,000/8, $250,000,000 each, hmmmm, They should be fined $10 Billion each, how about that...its funny with all the fees they charge the consumer on bouncing checks, the high interest rates of 14% they charge you to use their credit cards.... the 0.10% interest rates you get on your savings at HSBC and CITI and $2+ at an ATM machine every time you take out your own money, they are already fucking the consumer and on top of that they now have to rig the currency markets to make a little extra in their piggy banks, corporate fucking greeeeeed..... Im sure with the rig job they did in the currency market sure fuck made them more than $250,000,000, again a little slap on the risk, and why the fuck they rig markets makes me question how reputable these banks actually are and why they think the have the power to do so, as I'm writing this Im sure these banks are involved in other schemes as well, its all a game thats all it is, its all about $$$ and fucking greed... 8 banks agree to pay $2B to settle currency rigging suits: Reuters CNBC.com staff | @CNBC 24 Mins AgoBreaking News 77 SHARES 8 COMMENTSBarclays, Bank of America, BNP Paribas, Citigroup, Goldman Sachs, HSBC, Royal Bank of Scotland, and UBS. A previously filed and related settlement with JPMorgan will be refiled in a few weeks. Settling banks agreed to provide substantial cooperation.