Turtle me this http://www.futuresource.com/charts/charts.jsp?s=CLM04&o=&a=D&z=800x550&d=medium&b=bar&st=
I'm not a daytrader; the only daytrades I execute are when my stop gets hit the same day....... But it seems to me that daytrading systems are short-lived. I am constantly reading posts here regarding losing the "edge" or when to toss a system that has stopped working. Trend following systems don't really have that problem. A decent intermediate/long term system may incur large drawdowns, but is generally more stable over time. I'd rather take the expected 20% drawdown than take the unexpected 10% drawdown and worry that my system is no longer useable.
Crude is a local's market; very tough to trade w/o access to order flow, especially in light of its recent vol. I trade vol for a hedge fund and the only guy's making money in energy are the locals. If you must, consider selling straddles below the market and going long futures. This assumes you're looking to ride the uptrend. Looks like you may be a bit late to the party.
You might want to follow the July contract, as June went out today. http://www.nymex.com/jsp/markets/lsco_fut_termin.jsp
Yes, but for who? I am still dizzy from the many "our" and "we" - do they ever consider "you", "your" or "customer"? Suckers! PS: I like their final statement: "An investment with JWH is speculative, involves a high degree of risk, and is designed only for sophisticated investors who are able to bear the loss of more than their entire investment." (emphasis added)
On the other hand, John W. Henry, by most independent accounts made about $2.8 billion for investors in the company strategies over a period of about 20 years. Currently, JWH is the majority owner of the Boston Red Sox baseball franchise and that franchise is considered to be the second most lucrative in MLB behind the New York Yankees. I think JWH is pretty shrewd considering he started his company with his own money and only later began to manage OPM.