5/09/2008

Crude Oil Hits New Record High

Great headline, all crude oil speculators must have made money.

Right?

Not me.

Losing day today with the big move happening in the "overnight" trade. (It wasn't overnight for them)

The Asian and European traders should have had a good day, and I guess I should have been to work at 4:00 am to participate as well.

The important thing for me to recognize today was that the signals were not working so I should limit my trading, in other words, preserve capital. Most traders, me for sure, can get caught up trying to recover losses by trading more than they should.

A nasty trading flaw known as revenge trading. A very bad idea.

I came away with 2 break evens and 2 full stops and called it a day.

We live to trade another day.

34 tick range bar chart. (click for better view)

13 tick range bar chart.

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