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Old 03-27-2008, 10:30 AM
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Re: Crude Oil March 20

Trader273 - I was looking at HO and NG as well before making the trade, and they did confirm for me. As with the CL trade, I'm exiting a small portion right now and the rest I will exit when price hits $110. I think CL is going to $125, but that's for another trade

This was just a simple S/R trade with my entry based on candles. As I said, my stop would be to CLOSE below $100. I have noticed that CL will dip through lows etc during trading hours to blow out stops, just to retrace back above/below support/resistance. We did it several times before an actual close above $100. Once the close above $100 came, it all took off.

Edit: I got out of the April call, and now I'm just holding onto some longer term calls. I don't think price will scream to $110, and it looks like today is producing a spinning top, so we might pull back again. The reason for selling the April call was to lock in a small profit, and let the rest of the trade mature.

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