mr orbit23, if you get past his getup and look at the analysis you'll see that it agrees with yours 100%. give it a few minutes beyond where the vid is cued to. relax, have a home-brew. cheers
i would exercise caution at those levels. At resistance. The way we approached the level is bullish though. I don't know what comes next. I am not fundamentally bullish oil or anything, it was just a great long setup on the chart. If chart breaks, I won't care about oil anymore.
%% That; + looks like a bear trend on 52 week chart-not a prediction.....................................................................................
%% LOL that was the megatrend downtrend to $27 area ; +/Peter Lynch [Mr Magellan/Fidelity] had an interesting comment . He said oil feast or famine is 1 million barrels= sure not something to bet the house on ,
FU*K, one has to admit this was one hell of a trade. But it's really really hard to execute it properly and then hold onto and sit tight. I've had many similar situations and i always took profits way too quick for the sake of it, and never made serious money... Jesse was right. “It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine–that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.”
I know!! You are right!! The only thing is though that the plan was perfect and it was posted in foresight, so that part is not "woulda coulda shoulda", now onto actually executing properly, holding the trade... Now that's a whole different story! As the quote says, the man who can be right and sit tight are rare. I'm not one of them. Not yet - atleast so i hope. The reason i posted the thread in the first place was because i knew i was gonna screw it in advance and now i can review what i was thinking back then and it's foresight only and i can see that i was pretty much on point but the end result is i can brag about it on the forum, having made only a minor profit on it... Those kinda trades can truly bring insane returns. But they don't happen often and so far i always took the profits for the sake of it even though i knew i should've just trailed the stop loss. It can be done... But might take me a few more years to work on the execution part and controlling myself.
There are two primary reasons why I like to use futures spreads for client work; 1. Generally speaking they trend well and are much less volatile than outright markets, and 2. They’re cheap to margin and you can stay with a position. The reason I bring this up is that your original post was correct in terms of intent; position or swing trading is definitely where the big money is. If you start out with a market that has a thirty tic Weekly trading range - you can position trade those types of markets, build account equity, and then take a shot in something like CL or GC or ES when you’ve built capital and confidence.