Crude Oil Hits New High

Ho hum another day in the crude oil market.

Crude oil came out of the gate before the NYMEX floor open and took a run at $140, it came close with a intra day high of $139.89.

The NYMEX session was choppy until a nice run down in the afternoon. It's days like this that reinforce the , hold no directional biases, theory for day trading.

You wait for a direction to form, then a trend in that direction, and finally momentum in the trend direction for an entry.

Pre market move (click on chart to view)

Afternoon short move

Crude Oil Explodes

Wow.

A confluence of events drove crude oil to new all times highs today.

The U.S. jobs report, a Morgan Stanley crude oil prediction, and Israel sabre ratting with Iran took the July NYMEX crude oil contract to an intra day high of $139.01.

Daily Crude Oil Chart (click on chart to view)

The trading today offered plenty of opportunities. You always look back on the day and think you should have carved more out. I stopped trading after the 5 minute trading halt happened as I was not sure if there would be another one instituted.

I, and I'm sure a few other traders, brushed up on the CL trading limits today.

Maximum Daily Price Fluctuation

"$10.00 per barrel ($10,000 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction. If another halt were triggered, the market would continue to be expanded by $10.00 per barrel in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session." Source: NYMEX Web Site

I caught 3 good moves, a few small stops, and a few no fills due to the speed of the market.

All in all a good day.