NYMEX:CL1!   Light Crude Oil Futures
THAT'S TRADING...we were looking for a pullback that didn't happen and our rules say "No Trigger, No Trade" and we didn't get a trigger therefore we are not in this move. Does it hurt...YES! But discipline pays and with discipline you will miss some moves. If you are short CONGRATS! Be sure to take some profits and move stops. $41 is approaching fast. We are still watching for bounces to see if buys are stepping.
Yes it does hurt! I was looking at the pullback at 53-54 which was the 50ema (my trigger) to get in but never took it. CL has been a beast as of late.
OffTheFloorTrader Justiceisfalse
I agree Justiceisfalse...nice job on sticking to you plan though. That will make you more in the long run. Remember, this is a marathon not a sprint.
So i am short from 45 and 48 levels now from this pullback, do you still see these two targets of 43 and 41 in the near term?
mgdogan...thanks for the message. 43 target was taken out so that target is not valid any longer. Crude has moved back inside Monthly/Weekly trend line so we are cautious to the downside because of this. We are not short since nothing has triggered since we missed the trade (see post above). I am curious how did you get short 45 and 48? What was your trigger and why did you average down on the trade? Thanks
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