Trading Crude Oil: How High is High?

The crude oil contract looks like it may break out to some new all time highs tomorrow. Or it could hit resistance (resistance in this case being its never been this high before) and turn around for a dramatic fall.

The nice part about intra day trading and trend following is you don't have to make this call. I don't know where crude is going to go tomorrow and I don't care. :)

I am going to follow whatever direction it goes and must start the day without any bias as to what direction that will be.

When people ask me what I do for a living, I get a long pause after the answer, then they ask how high is oil going to go.

I tell them I have no idea.

That is usually the end of the conversation.


(click on chart for better view)