There was nothing more enjoyable than riding price down in the commodity which transfered over $2 TRILLION in US economic wealth to the middle east in only 7 years!
How are you traidng oil now mate??? Its a fuking nitemare trying to scalp it now cos there no direction!!!
Just my last portion of my trade left on.....that is it. I have been doing very little intraday trading of oil the last few trade days.....spending most of my time trading ES intraday and also looking at my next longer term trade set up opportunities.
Start of a new week after so much credit crunch melodrama makes it timely to review what has been happening to the oil price (CL). My usual reminder is this though: use an accurate and comprehensive methodology to harness the rewards of this market. The range for today (Monday Oct 20 2008) was 428. The usual gyrations were there for you. Its play day every market day. Buy the upmoves, sell the downmoves sequentially. The sequence today (Oct 20 08) in the session's gyrations (up/down repeating 10.00 to 14.30) produced 16 macro 'legs' of minimum 45 points (ie cents). The mean average of those 16 'legs' was 123 points per 'leg'. Therefore between 10am and 2.30pm, thats some 1900 points which were on offer. If you want to make a plan, use your brain and get really serious then learn to take generously from the CL offering each day. Go for it and make yourself rich.
That is it, today I closed out the final positions of my oil SHORT trade from $147.75 ..... The QM traded within $.15 of my target at $67.90 and I just went ahead and closed out the trade at $68.10 as we started to trade back above the $68.00 level. Good enough!
amazing trade & call. At the time you posted your first call, it seemed like you were choosing to stand in front of a freight train. Though I suspect there was a bit more to your call than some of the other "oil will never trade above $[insert various prices here] ever again" threads
Thanks.....yes I did have a very high probability signal for the method I use. Also, the thought was for many that oil WOULD touch at least $150.00. Getting into the trade just below that price level was appealing to me, as I know how games are always played with various commodities at their extremes. Sure enough, the idea was sold to get a $150.00 tag, then price gets ripped down from the $147 area (as many LONG holders were still waiting for the $150 hit which they never got). There was also good fundamental reasons to start selling the oil rally. The economic picture was definitely starting to show ample signs of a world wide slowdown, and that in the end killed the future demand trend. BTW, middle eastern wealth entities started accumulating major oil SHORT positions above the $140's .......they are flat now for the most part.