Author Topic: Recent Oil Prices  (Read 13468 times)

hodedofome

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Re: Recent Oil Prices
« Reply #50 on: September 01, 2015, 09:00:34 AM »
FWIW I shorted USO at the close today for a short term mean reversion trade. Risking only .25% of my account.

I'll take off 1/2 of my position on a touch of the 5 day exponential moving average which is $14.70 on USO. I'll cover the rest on a close below the 5 day ema.

**update** Decided to cover 1/2 at the close at $14.80, even though it didn't technically touch the 5ema. Close enough and I'm taking profits while I can in this market. Profit on just 1/2 was almost as much as I risked on the trade, so I'm happy. If there's more weakness tomorrow and closes down, I'll most likely be out completely.

**update 2** The CL futures contract closed below the 5ema after the US stock market closed, so I went ahead and covered the rest of my USO short after hours at $14.47. Ended up making a profit of 2x my risk in 1 day (.5% of account total), a small win compared to the shalacking the rest of my account has experienced the past 1.5 weeks, lol.
« Last Edit: September 01, 2015, 04:10:37 PM by hodedofome »

Jersey Brett

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Re: Recent Oil Prices
« Reply #51 on: September 01, 2015, 12:43:31 PM »
Be careful with oil. I have stayed away for a while but took the bait at $39 Bbl. It immediately roared up to $49 and I sold (yay me!) figuring there is no way it could sustain that price leap for long. The question now is will it move into a range or resume its downward slide. Who knows? Not me.

forummm

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Re: Recent Oil Prices
« Reply #52 on: September 01, 2015, 02:13:57 PM »
Someone's predicting it could go to $25. Speculating on crude seems like a good way to lose money and gain anxiety.

http://www.reuters.com/article/2015/09/01/andurand-oilprices-idUSL4N1175K120150901

ShoulderThingThatGoesUp

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Re: Recent Oil Prices
« Reply #53 on: September 01, 2015, 02:17:48 PM »
Sadly it doesn't appear to have reduced the price for electric cars at all.