Kind of got to feel bad for the small time well operators. So that looks like a ~30% drop in rigs count from a year ago. I've seen the same dataset over-layed with the EIA domestic production dataset (the weekly Wednesday one). So from the 2/20 report, domestic production was 9.285m barrels/day vs. 8.059m a year ago, a 15% increase. Sorry I can't locate the chart. But here is the report.
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Well, how about the leverage that is offered by the ETF's.
What are your thoughts on that?
I think a 3x ETF such as ERY is just playing with straight gunpowder. If you are taking on risk, your thoughts about the leverage offered by the 2X's ETF, such as SCO versus trading the straight contract?
Why are you trading a straight contract versus the leverage that is offered by a 2X's ETF.
I think that this may be more applicable to swing position trading than intraday. Intraday, I can see that the volatility and risk are too high.
But if you are swing trading, any thoughts out there from the board as to whether to trade the straight contact or to use the leverage of a 2X's ETF as long as you put your stops in well?
Just trying to develop a trading strategy for myself. Would appreciate any opinions..
Going to a larger chart, how is crude oil going to respond to the 50 SMA on the daily chart? That's exactly, where crude oil is.
I think even trading intraday, take a look at that 50 SMA, that's where we are at. Is it going to buck or bolt it?
Last edited by e4williams; March 2nd, 2015 at 01:12 AM.
night lights beautiful view out of my hotel in Anchorage Alaska
perfect for a trade...
Short Crude @49.19, below VWAP. looking for strong move lower but price has to break 48.91 PW-VAL
...had a controlling bar on the 1440 and a gap to move lower at the open sunday night. My targets loosley speaking will be looking for 46.90 area lots of noise there. My stop loss is 49.49 Anybody do 6,8 or even 10 ticks stop loss for crude is suicide. No Bullshit.
Daily and Weekly VWAPS suggest a downward bias...daily and weekly pvots suggest and upward bias however, the weekly Central pivot were defefended as well as was the Daily Pivot Decision Point and Central Pivot.
@tturner86 you have any thoughts on this? Anyone else?
Last edited by Devil Man; March 2nd, 2015 at 05:11 AM.
Reason: fat finger
IMO trade what you're comfortable with. I think the natural progression in trading is: Stocks/ ETF's/ all, Options, Futures. Futures are a unique animal all to themselves, esp /CL or /GC.
If you're wanting to get in on the John Wayne, set up a practice account (paper) that mimic's actual fills. Some paper accounts will give you unrealistic fills - for example, Infinity is a tad bit harder to get filled on paper than real dollars, meaning on paper it has to trade through your strike to get filled.
And you absolutely must treat the paper account as real dollars or you will learn absolutely nothing. IIRCC, @FuturesTrader71 said, put a trade on, get in the game - by being in the game you will learn more than watching the game (some paraphrase.) @DionysusToast has some excellent videos here at futures.io (formerly BMT) and at his website for teaching trading futures. One of the interesting things he has put forth (prop shops) is take a portion of your day and take no more than 4 ticks (example) 6 ticks, no less than X ticks, no more than X ticks loss etc. Write everything down and go back through the day.
I'm a huge advocate (as is Mr Dalton) of writing (physical) vs typing to remember things - it just seems to work that way.
@Devil Man "6,8 or even 10 ticks stop loss" I dunno, depends on the means to the end, what you be up to
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Based off Globex price action there is no reason to be excited about longs, In fact there is nothing to be excited about - shorts or longs. If CL is stuck in a 35 ticks range ( just like she did during Friday session till 1 pm), i try to trade smallest size possible.
If i had to trade here- it will be from the short side.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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