Was filled overnight with 5 at 134.50 (no fill on very last standing entry at 135.50 - price never traded there) and had good accordion action and some trade management covers during the overnight session and into this morning. I have covered my 133.50 (5) and 132.50 (10) entries at $132.00 for +$1.50 and +$.50 per contract and numerous accordion hits as well with the good price oscillations. Currently I am holding 134.50 - 134.25 - 131.50 - 128.35 - 127.85, the position is back in the green today at this point with the price break action. I have a target to cover 1/2 of my 131.50's at $130.00 and the rest I will cover at $127.85 as well I will cover 1/2 of my 128.35's at that level - the rest of the position I will hold and evaluate the situation.
Correct - but for obvious reasons I was in the green Tuesday and then underwater and full defensive yesterday with the price spike, so I trade it as I feel is most prudent under the current conditions (discretionary). I have a playbook for the methodology but when "in the game" you have to work the plays within the confines of your trading environment (I had decided to scale the last 20 positions in as there were NO price oscillations for accordion hits yesterday - pretty much a micro parabolic move that I had to account for while entering my last positions). You also do not have the ability to understand how the position makes profits from accordion action (constant scale out and scale ins when price is oscillating like most days - over 80% of price action and 20% is trending). The positions cost basis is not STATIC based ONLY upon where the primary position entry levels are - the cost basis is dynamic and constantly changes as main covers are taken and accordion hits are accumulating.
all those fancy words to try to explain how you are making money shorting crude on the last few days, lol, I think et just hit a new low
He trades 60 lots of CL, shorted starting at 125, do the math. He is either paper trading or more likely...just totally FULL OF SHIT!
I am very sorry the CL did not run up to 137's and stop me out - I am sure you were just licking your chops to come in and praise the defeat - LOL! Typical ET
Looks like the mid to low 128's will be a key area to see if our current oil trend will hold - if that area is tested and broken then we should have a build in those taking short term profits from long positions - we will see. http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=July&cmonth=N&year=8&currPrev=C