You may want to consider doing more research on oil before trading. Oil doesn't have have a limit amount in trading. (there is a 5 min break/halt in trading for every $10 move but thats it for circuit breakers) check out the NYMerc for more info. (perhaps other exchanges have limits like Singopore and London??)
Closed out my short in Sunday night trading. Oil is down 1.175 as of this post I thought it would pull back more than it did but I will take what the market gives. Perhaps Monday in New York will pull back further. Regardless of if your thinking of short or long I think we can all agree its like having a tiger by the tail right now. This kid will sleep a little better tonight with a few more bucks in the IB account and being flat QM. Best of trading to all of your this coming week!
I wouldnt short oil or nat gas myself, but a lot of the important oil companies sure did act like garbage on Friday.l
Mr 1Reason: With all due respect, What the fuck are you doing? You've been posting very nice numbers in the P/L thread and you're holding Oil over the weekend for a gain of less than 2 bucks? Please stop, or at least explain your reasoning as to how this will add to a positive expected return over the long run.
Badger, On the surface you bring up a very good point and question. Namely do you have a net edge at the end of all the trades? What I was doing was getting out of a trade that didn't work. QM started out as a day trade that went well. I made some very good scalps with it on Friday. near the end of the day I shorted some more with the thought of it moving down during the next open I felt that QM was overbought and I waited until Singapore and Hong Kong opened up and traded beyond the open and they didn't push it down as I expected. Had QM traded up I would have still bailed out and took the hit. Simply put it wasn't doing what I expected it to do and so I walked. I was expecting a 3-5 dollar pull back and it came back only a little more than a dollar and then stopped. Should have I held on for that $4 target?? Maybe, but why when its already acting different than what I expect? FWIW, I don't think saying 'with all due respect' gives someone a free pass to disrespect someone. I know there is a lot of disrespect that goes on in ET but it doesn't have to be that way. I hope that helps put you into my thought process with that trade (QM is not my usual medium of trading) and I surely wish you the best of trading this coming week.
After reading my post to you, I have to apologize. I came across as being very disrespectful and that was not my intention. It's just that I've seen so many traders deviate from what works and get into serious trouble. You obviously had thought it through, however, and I did not mean to imply otherwise. Good trading to you as well.
Badger, Very big of you to take the time to say so. Surely puts you a step above many here. Looks like it took the NY market to bring it down to the levels I was thinking on Friday so I was wrong about the Asian market. Hope you had a good day and best to you.