1/07/2009

Crude Oil Plummets

Plummets, tanks, plunges, dives, tumbles, crashes, etc. As a trader looking for volatility this should be a great day to trade. Oil in the news, good volume, it's all there.

Not for me.

It was a get short stay short day and I don't trade that way. Hard to believe looking at the 15 minute chart that I couldn't have pulled something out that.

Oh well.

15 Minute Crude Oil Chart

Tried 4 trades after the inventory report and one at the end of the session. Came up with 3 losers, 1 be, and 1 winner for small net gain. Very small.

5 Minute Crude Oil Chart

4 comments:

Anonymous said...

when you tried your 4 trades were you short.. did u get stopped out.. I have been anticipating a correction and after that very BEARISH number and even more bearish the gasoline number felt like it was easy pickings today..

Pranil said...

When you say you dont trade like that what do you mean. I just trade gold and silver and just started getting into crude and jumped on the short banwagon after that number.. Seems like it will be back in the 30's once we get a look at the jobs number on friday. no demand excess supply.. i know you dont trade silver but keep an eye on it. dying to breakout..

Solfest said...

They were all short. Just should have stopped after 2 trades and the day would have been fine.

Solfest said...

Sheesh I'm not used to all this attention.

Pranil, I am trading for a fixed target, today, in hindsight, u should have got short and gone back to bed.

5 trades: 0, -11, 40, -11, -12.

Oh ya I should have quit after 3 trades not 2.

See I can't even get that right today. :)