shorted OIL, calling a top

Discussion in 'Trading' started by empee, Jul 26, 2007.

  1. empee


    yeah I know, but if I'm right the risk/reward is too great. Went short 76.50 (qmu7) stop 78.50.
  2. empee


    yes i was late posting i sold when it broke the range on the intraday
  3. empee


    moved stop to +.25 (76.75) if its gonna dump it shouldn't hold 76
  4. If you're correct, does that mean we should praise you as the all time daytrading God, give you your own personal forum, and pay you to post on these forums ?
  5. empee


    well, its a huge trade for me, I'm looking for oil to go test at least $55 or less. If the trade had gone bad, I would have lost a considerable amount of my account versus what I normally risk, so its one of those trades that doesn't come along that often.

    If it works out, its one of those trades that really makes your acct. (think about $20 move on a per contract basis)

    Moved stop the breakeven (76.50) Let see what happens.

    Basically, I plunged. (well, for me anyway)
  6. empee


    see I was wrong, you can bash me now :)

    I stopped for +.10
  7. It's alright, im anticipating a top on oil myself but I'm glad as hell I got out on a profit this morning.

    No one's perfect, who cares how many times you're wrong as long as you make way more when you're right :cool:
  8. Oil short action today. I'm calling the top this time. No hurricanes to speak of, higher inventory at 10:30? Short ETF OIL?

    If wrong, it goes to 77-78 a barrel. No worries, hold position. Last 3 years, oil has gone down from here into winter. Why do people always think oil will go to $100?
  9. dhpar


    because it will go to $100 if any of current risks materialize, e.g. OPEC reviews their reserves, hurricane destroys GOM infrastructure, BRIC does not stop grow double digits, Iran is bombed, peak oil is true etc...
  10. Consumer still alive and well, today's SSS

    GM unit sales up on strong truck/SUV sales

    Gold pushing 700

    No major storm threat to GM infrastructure to materialize yet

    Oil surging higher

    Not a good case to be short the black goo right now

    Oh almost forgot, Good Ole Ben is expected to do a copter run in the next couple of weeks....

    Too much ammo on the bulls side without even Middle East tensions on the rise.

    Just my .02
    Good Luck!
    #10     Sep 6, 2007