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trader273

Crude Oil Candlestick Analysis

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Update on CL long:

Took 2/3 of at $84, for a profit of $4.46/ct ( that comes out to $4,460/ct)

Still letting 1/3 ride in case this thing really takes off. Current stop on that is just below the $84 level. Heating Oil and Natural gas are all producing good profits as well. Yet people still say candles do not work, I hope I can show people here that simple techniques can and are effective. No need for extravagant indicators, or POS vendors that try to sell there uber-secret, yet uber-amazing system that promises you market dominance for a mere $6k. Common sense should prevail, but it is usually the greed that prevails, till reality sets in. Oh well, hope this is helping someone out there.

 

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A bit off topic, i read NihabaAshi's hammer's revisited thread on ET and he doesn't look a volume either. Mostly using price action and WRBs, fascinating stuff, but it surely needs a lot experience to make it work.

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Cool. I've got ways that volume really works in my crazy brain, so I definitely put it to use. Love seeing these threads tho. But damn, those contracts trade pretty rich per tick, don't they :)

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I was watching the 78-79 area as a support level, and it held nicely. What prompted you to buy 2 months ago?

Actually more like 3 months ago because of the Inverse Head and Shoulder and some Fibonacci calculations. I bought the ETF(USO) which is basically consist of unleverage futures positions. I bought it for my long-term portfolio which explains why I have held it so long. Had I bought the futures, I probably would have liquidated in a couple of hours .:o

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I was going to say that is a helluva long time to be holding some crude oil contracts.

I could hold that long, but it would seriously disturb my sleeping pattern.

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I could hold that long, but it would seriously disturb my sleeping pattern.

 

That's my issue with holding overnights OAC too. For whatever reasons, overnight 'exposure' rattles my system. Probably b/c I haven't held overnight in so long!

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That's my issue with holding overnights OAC too. For whatever reasons, overnight 'exposure' rattles my system. Probably b/c I haven't held overnight in so long!

 

Browsfan:

Weren't you a Series 7 Registered Representative ? Didn't you have many sleepless nights worrying about your client's portfolio ?:D

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Browsfan:

Weren't you a Series 7 Registered Representative ? Didn't you have many sleepless nights worrying about your client's portfolio ?:D

 

You remember that OAC do you? ;)

 

Honestly, nope. :roll eyes:

 

I did what I was taught - sell managed money and let the managers worry about the rest. My job was to sell. And I did.

 

It was a different life for me back then... :)

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Moving the stop on the remaining 1/3. Moving it to 84.89, Just below the psychological level and round number of 85. Didn't like how today's candle ended. Long-Legged Doji, aka "Rickshaw Man". Shows the market is finding some sort of balance. I don't like balanced markets. Expecting a sell off coming, hopefully to the 82.50 level and I'll look for another buy. Till then we shall see what comes of the remaining 1/3 I got long still.

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