I honestly don’t know where the markets are heading next. I cannot predict where and when the top and bottom shall take place. But I learnt it hard way, what I should do "stay" or "quit" when price is traveling beyond my reference levels.

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.

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