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By 2019 I had stopped trading it, but when I traded it successfully the bid-ask spread was reasonable. I don't remember the slippage being a problem then. I had this strategy automated in NT7 and it worked for a while (years), until it didn't.
Interesting. Btw I tried this last yr and I ever had 10 ticks slippage triggered on my sell stop trigger order... for 1 EIA report
Ever since that happened, I kinda stopped this strategy too so I have no clue how it performs now either
ps: before that big slippage happened, I was also thinking that *maybe* I figured an easy, foolproof way to make money on EIA but it seems the MM knows about our game and has put an end to it lol.
Good thing to be aware of is who the other players are. This is the proverbial African watering hole and you are a chipmunk. The hedge funds seem to get an idea and go big while the huge commodity houses play amazing games showing us that hedge funds are sometimes the dumb money.
Sign up with John Kemp at Reuters, the London based energy reporter. It is free. He posts a lot including COT positioning.
It won't necessarily help with your trading per se, but if you are really interested in the oil industry read "Oil 101"
by Morgan Downey. Some of the chapters are pretty heavy about oil specifically and what its made up of, little too much for me, but others about how its drilled etc are interesting.
As well I recommend tracking Tracy Shugart, goes by @chigrl on twitter. Shes been on plenty of podcasts, shes an oil trader I feel is good for getting some info from. Won't make you a pro oil trader, but if you are a fan of podcasts and want to listen about oil trading tales etc. and a traders journey, go dig up some of those.
I'll keep this short and sweet - I'm reading a book called 'Oil 101' that someone kindly suggested and I do like background on anything I do. As to making trades - not yet. Still don't feel the knowledge bubbling over bob666s. I'm not a scalper or a day trader but a long term swing trader. I like option spreads, which give you a deal more flexibility and time to watch the market.
I appreciate your frank reply. I trade energies for a family office. PM me, I'll give you some ideas on how to trade oil profitable in the long run. (it's not technical analysis).
