I agree - think its a bit overdone......... BUT it all depends on the figures tomorrow. I think there could be a very big move tomorrow either way after the inventories numbers. A bullish number at these levels will trigger all sorts of stops Just my 2c worth. I hope you're right Usman - im small short at the mo, with a tight stop.
whattosay are you trading the electronic contracts? Can you post an interday chart of your entry so we can see?
I trade the WTI and Brent contracts on ICE through the TT platform. Basically i was thinking of going short and looking for a suitable entry point. I waited for the 5 min dmi to cross to the downside and entered just after 12.40pm @ 10895. When i posted my previous message, i wanted to run the trade and was close to 2 dollars onside, but this recent bounce has just messed that up I exited the trade at 10749 @ 3.10pm and am now long. (Again i used the 5 min DMI to exit). Ive got a stop at B/E but have a feeling it might get taken out so might lock in 10 points and let it run. Hope this helps. Oh and im the UK so those are GMT's
Damm! I should have followed through with my own advice. I sold that long position at $99.40 and never bought it back. Thank God I didn't short it there!
well it took 2 more days than I anticipated but I guess 2 days is an acceptable time frame if you are predicting major reversals so who profited from todays moves?