The short squeeze is on boys. Mark my words...this crude oil ralley will end violently, i.e. CBOT wheat. I see 4-5 dollar ranges when the downside comes. My question is, if I can't hit a nice down retracement intraday, and i'm not gonna short it after we gap $2.00 lower one of these days, is my only option to stay long term short at these levels with a tight stop?
I'm with you...were do you see Oil heading?...back to $100, $90...you should try the Brent or mini crude oil...smaller than larger CL crude oil
I don't think 'long term short' and 'tight stops' go together in CL at the moment. Maybe you meant 'long term short' with 'wide stops'.
IMO crude will only seriously top out once you get some crazy market event, a bit like what happened with wheat. I.e. some trader or firm getting shafted and taking a huge loss, with blowoff price action.
The CL market is very volatile and offers large movements (up and down) daily. You do not need to wait for what the short-term will produce in terms of price levels in the days ahead. A neutral mindset and concentration on operating an accurate methodology enables the skilled player to take rich rewards daily from this market's gyrations.