Wednesday, 11 May 2011

Black Gold

I had a few good trades in O'l today. Almost got stopped out on one trade - the last one. My trades are not the only good ones on the chart, as I missed some while trading other stuff.

Crude is like a lot of commodities recently with the bulls and the bears fighting. Big changes underway in China as they try and change from an export economy to a consumer economy. Either way, over time, commodity prices are going up. Aussie Dollar will at least double the U.S. dollar I think. I don't mean overnight, but with a steady grind. Wasn't that long ago you could buy the Aussie dollar for 50 cents.

That doesn't mean I am buying, because I trade the timeframe of my trading chart not any other trend. However I do have a bias on my longer term trading using options, although there is considerable event risk and I am mindful of that. Been there and been wacked.

1 comment:

  1. I would agree with the power struggle taking place within CL. It's been quite a beast lately but an extremely profitable one. I noticed that you're using 3 range bars, do you feel that might be a bit too sensitive for such a market? Just out of curiosity of course, I don't know the full details of your method so there's obviously no wrong answer there.

    I prefer to use 6 range on CL because of the vol, it can jump 6 ticks in a second and feel 6 range does a great job with filtering out a lot of the noise that can be prevalent in smaller interval charts.