Trade details of 24th June:
Crude oil :
Yesterday after the short@4230, it crashed down to 4065 and bounced sharply to close at 4140. It maintained the down trend today also. It just kissed yesterday's low i.e, 4067 and again bounced to close at 4120. I made mistake of adding another short when it reached day's low.. it was a pure gamble trade as i was predicting that it will crash heavily if it breaks yesterday's low. I didn't follow the price action and just gambled it!! And it gave me the prompt slap as it bounced from the low i.e, after my short.. Had to hedge the shorts with Aug contracts and am not at all comfortable with this hedging business.. but had gone for hedging coz got panic as the bounce happened just few minutes before the closing!! poor boy, read your slideshow again and again !!
Copper :
Dr.copper really testing the patience. Everyone - at least me, biting the dust as its consecutive 5th whipsaw today.. Copper was reversed to longs @407. It made high of 410.40 and closed at 407.30.
Holding the longs with SAR@403.75
Saturday, June 25, 2011
Thursday, June 23, 2011
Trade Update
Trade details of 23rd June:
Crude oil :
After the fed meet, it has cooled off and opened low today.Reversed to shorts at 4230. SAR@4340 now.
Copper :
Traded with more than my normal position and end up with neat loss!!. Reversed to shorts @ 402.50.SAR@407 now
Crude oil :
After the fed meet, it has cooled off and opened low today.Reversed to shorts at 4230. SAR@4340 now.
Copper :
Traded with more than my normal position and end up with neat loss!!. Reversed to shorts @ 402.50.SAR@407 now
Trade Update
Trade details of 22nd June:
Crude oil :
Had a zigzag movement due to fed meet.. it had a rapid bounce while closing by showing the last tick at 4300 but average close was at 4283. Carried the longs.
Copper :
Nerve breaking day with two longs which is more than my usual position. Traded in a quite narrow range i.e, 401-405. But movement between these two prices were very quick. Had carried the longs.
Crude oil :
Had a zigzag movement due to fed meet.. it had a rapid bounce while closing by showing the last tick at 4300 but average close was at 4283. Carried the longs.
Copper :
Nerve breaking day with two longs which is more than my usual position. Traded in a quite narrow range i.e, 401-405. But movement between these two prices were very quick. Had carried the longs.
Wednesday, June 22, 2011
Tight grip with Dr.Copper's tail !!
Copper is clearly getting ready for the big move.. taking stop losses on both sides and typical whipsaws!!
Clearing 412 will take to 424 or break of 398 will show us 386!!
Catching Dr.copper's tail tightly..already swallowed two stop losses :)
Clearing 412 will take to 424 or break of 398 will show us 386!!
Catching Dr.copper's tail tightly..already swallowed two stop losses :)
Trade Update
Trade details of 21st June:
Crude oil :
Have given a break out and revered to longs@4263. Neat loss!!
Copper :
Have reversed to longs @407 and @408.. yes 2 lots!!
Crude oil :
Have given a break out and revered to longs@4263. Neat loss!!
Copper :
Have reversed to longs @407 and @408.. yes 2 lots!!
Trade Update
Trade details of 20th June:
Crude Oil :
Entered into shorts @4128 again. But it bounced sharply and had to cover it @4186. Had a thought that let me rollover it later with some cushion but it fell again after covering the current contract.. Finally re-entered shorts with JULY series@4190.
Copper :
Holding the shorts
Crude Oil :
Entered into shorts @4128 again. But it bounced sharply and had to cover it @4186. Had a thought that let me rollover it later with some cushion but it fell again after covering the current contract.. Finally re-entered shorts with JULY series@4190.
Copper :
Holding the shorts
Tuesday, June 21, 2011
Crude - on the fence or breaking up ?
Crude oil has broken the important support of $93 and made low of $91.50.. currently it is trading above $93 and it has given a mild break-out today..
Below chart shows the importance of the $93 level..
Below is the close-up chart of the current trading level of above $93
If it closes above $93 today, it will remain in short-term uptrend!!
Below chart shows the importance of the $93 level..
Below is the close-up chart of the current trading level of above $93
If it closes above $93 today, it will remain in short-term uptrend!!
Monday, June 20, 2011
Trade Update
Trade details of 17th June:
Crude : Short from 4360 was booked at 4138. Low was 4122 and when it bounced from low, booked the shorts. Will have to re-enter today since the system is still in shorts.
SAR for shorts 4210
Copper : Shorts are still in hand with SAR at 410.
Crude : Short from 4360 was booked at 4138. Low was 4122 and when it bounced from low, booked the shorts. Will have to re-enter today since the system is still in shorts.
SAR for shorts 4210
Copper : Shorts are still in hand with SAR at 410.
Friday, June 17, 2011
Trade Update
Trade details of 16th June:
Crude : Shorts from 4360 carried all through the day. Narrow range day and closed flat. SAR for the shorts are now moved to 4300.
Copper : Shorts taken 404.50. SAR was at 411.
Crude : Shorts from 4360 carried all through the day. Narrow range day and closed flat. SAR for the shorts are now moved to 4300.
Copper : Shorts taken 404.50. SAR was at 411.
Thursday, June 16, 2011
Trade Update
Trade details of 15th June:
Crude : Covered long@4425 at open. Reentered at 4400 and booked at 4425. Shorted at 4470 which was day high incidentally. Covered short at 4450 and took long against the system as there was no signal for buy. Market fell like pack of cards and had to reverse the longs at 4360. But shorted two lots and it drifted down rapidly then. Covered one short@4285 and holding one short still. SAR is placed at 4392 now. If the long at 4450 was not taken, then profits must have doubled. Stil, not a bad day!!
Copper : No trade.
Crude : Covered long@4425 at open. Reentered at 4400 and booked at 4425. Shorted at 4470 which was day high incidentally. Covered short at 4450 and took long against the system as there was no signal for buy. Market fell like pack of cards and had to reverse the longs at 4360. But shorted two lots and it drifted down rapidly then. Covered one short@4285 and holding one short still. SAR is placed at 4392 now. If the long at 4450 was not taken, then profits must have doubled. Stil, not a bad day!!
Copper : No trade.
Wednesday, June 15, 2011
Trade Update
Trade details of 15th June :
Copper - Reversed to long from short @ 403.60. Had quite a good up move but mind was set for the down move and not comfortable with the short. Had booked partly twice and re-entered at slightly higher prices and finally quit the long@409.30. It made high of 411 and closed there. Now no position in hand.
Crude oil - Made low@4326 and had a good bounce. Reversed to long@4426. Still holding the long with SAR at 4360.
Copper - Reversed to long from short @ 403.60. Had quite a good up move but mind was set for the down move and not comfortable with the short. Had booked partly twice and re-entered at slightly higher prices and finally quit the long@409.30. It made high of 411 and closed there. Now no position in hand.
Crude oil - Made low@4326 and had a good bounce. Reversed to long@4426. Still holding the long with SAR at 4360.
Tuesday, June 14, 2011
Even an elephant can slip !!
It's a famous proverb in our tamilnadu. Even an elephant can slip!
Just look at this image!
This image reminds me lot of consequences caused by bad decision in my trading life. Of course, every trader can correlate this image to his trading life. Yes, you cannot shoot your own leg which always take you forward.
To read the story behind this image, just go here slopeofhope
Veteran trader Tim knight talks about one of his bad decision.Thanks to him for this excellent write up.
Just look at this image!
This image reminds me lot of consequences caused by bad decision in my trading life. Of course, every trader can correlate this image to his trading life. Yes, you cannot shoot your own leg which always take you forward.
To read the story behind this image, just go here slopeofhope
Veteran trader Tim knight talks about one of his bad decision.Thanks to him for this excellent write up.
Monday, June 13, 2011
Crude Oil and Copper Trades
No change in position from previous post.
Both Crude Oil and Copper shorts in hand.
Both Crude Oil and Copper shorts in hand.
Saturday, June 11, 2011
Crude and Copper trades
Update of 08th June trades :
Crude - previous short was supposed to be reversed to long at 4450.. When price was approaching 4450, tried to add one more short with SL 4451 ( Gamble!!). Placed order for short at 4442 and once it was sold, immediately tried to place order for reversing.. but life is not so easy!! price jumped to 4464 due to some positive data after my sell at 4442..and the worst part is terminal stuck and couldn't place the order.. by the time it was rebooted, price jumped to 4490.. I was then having two shorts and i was sitting against my trading system.. without even thinking, i covered one short at 4502 for 6k loss.. and wanted to reverse the remaining one short if i get some lower level.. by the time, high was at 4522.. I placed a stop buy to reverse at 4523 just above the high..
But it cooled off only till 4490 and pierced the high to reach 4554.. i was waiting for some higher levels, but it retraced fast from peak of 4454 and i closed my long at 4432.. and left the day with no position in crude oil.
Copper - Carrying the shorts from 408.75
Update of 09th June trades :
Crude - Sold at 4522 against my trading system again..
Copper - Carrying the shorts from 408.75
Update of 10th June trades :
Crude - Added another short at 4512 and covered it @4460.. carrying one short from 4522.. Made low of 4433 and closed at 4442. SAR for longs now at 4520.
Copper - Carrying the shorts from 408.75.. It made low of 400.30 and closed at 401.95. SAR for longs stay at 406.00.
Crude - previous short was supposed to be reversed to long at 4450.. When price was approaching 4450, tried to add one more short with SL 4451 ( Gamble!!). Placed order for short at 4442 and once it was sold, immediately tried to place order for reversing.. but life is not so easy!! price jumped to 4464 due to some positive data after my sell at 4442..and the worst part is terminal stuck and couldn't place the order.. by the time it was rebooted, price jumped to 4490.. I was then having two shorts and i was sitting against my trading system.. without even thinking, i covered one short at 4502 for 6k loss.. and wanted to reverse the remaining one short if i get some lower level.. by the time, high was at 4522.. I placed a stop buy to reverse at 4523 just above the high..
But it cooled off only till 4490 and pierced the high to reach 4554.. i was waiting for some higher levels, but it retraced fast from peak of 4454 and i closed my long at 4432.. and left the day with no position in crude oil.
Copper - Carrying the shorts from 408.75
Update of 09th June trades :
Crude - Sold at 4522 against my trading system again..
Copper - Carrying the shorts from 408.75
Update of 10th June trades :
Crude - Added another short at 4512 and covered it @4460.. carrying one short from 4522.. Made low of 4433 and closed at 4442. SAR for longs now at 4520.
Copper - Carrying the shorts from 408.75.. It made low of 400.30 and closed at 401.95. SAR for longs stay at 406.00.
Wednesday, June 8, 2011
Crude Oil and Copper trades
Crude has given a sell at 4565 on 01st June. Since then it was trading weak.Trend remains weak.
Copper has given a sell at 413 on 01st June. It went down up to 401.80 on 02nd June and 402.85 again on 03rd June.But not booked the profits. Greedy!! Partly yes and partly no.. Reason to no is, first of all no BUY signal from system.. And , it was consolidating quite well in the range of 413-418 and again now at 407-411.. Actually, i swallowed a whipsaw last week with some loss..So, obvious trending movement is around the corner and want to hold the position with whatever signals am getting from the system..
Crude SL is placed at 4450. Will switch to buy there.
Copper SL is placed at 414. Will switch to buy there.
Copper has given a sell at 413 on 01st June. It went down up to 401.80 on 02nd June and 402.85 again on 03rd June.But not booked the profits. Greedy!! Partly yes and partly no.. Reason to no is, first of all no BUY signal from system.. And , it was consolidating quite well in the range of 413-418 and again now at 407-411.. Actually, i swallowed a whipsaw last week with some loss..So, obvious trending movement is around the corner and want to hold the position with whatever signals am getting from the system..
Crude SL is placed at 4450. Will switch to buy there.
Copper SL is placed at 414. Will switch to buy there.
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