Subscribe in a reader ITZ suggested shorting WTI crude oil @ $98 with a $89/$90 near term target. We're seeing a bounce here, could test $92.50, that said ITZ believes $83bbl as a possible downside target.
Update on Proshares UltraShort Crude Oil ETF (SCO): entered 1/4 position Jan 23rd $37 stopped 3/1 @ $41.80; entered 1/4 position 2/8/13 $36.60, stopped 3/7/13 @ $41; remaining 1/4 position entered 1/29/13 @ $36 using 21 ema as stop $39.78~ should WTI break under $89bbl, looking to add to SCO position.
28 comments:
Hit stop $39.65 exited 1/29/13 $36 entry... currently no position looking to reenter follow ITZ on Twitter
Crude close to $94bbl, $SCO 39.20 reentering with 1/4 position
Entered 1/4 position @ $39.30 this morning- @ $93.76 WTI puts in a 50% retracement
suggest placing stop on 1/4 position $39.40
Exited position @ $40 looking to reenter
Crude is volatile off of Cyprus banking news.... re-entered 1/4 position $39.50 stop set $39.10
Stopped out $39.10 - sidelines for now...let things settle out for now
re-entering taking a 1/2 position here @ $39.25 $39.00 STOP
Raise STOP from $39.00 to $39.30
Raise stop again $39.70
Stopped out 1/2 position $39.70 entered earlier $39.25
getting back in $39.70 with a tight stop $39.63 (1/4 position trade)
raise stop to $39.75 from $39.63
UPDATE - use an 8ema on 5 minute chart as a trailing stop on SCO
Stopped $40.17 +$0.47
Re-enter 1/4 position $40.15 $40 stop
Stopped out 1/4 position @ $40 for a 15cent loss
ree-entered SCO with 1/2 position @ $38.45 stop set $38
Stopped out of 1/2 position @ $38 for 45cent loss
Re-entered $SCO $38.35 stop $38
Raise stop on 1/2 position entered @ $38.25 to $38.50
$SCO stopped out $38.50 +$0.25
$SCO entered this morning 1/2 position @ $37.20 Stop set @ $37
stopped out $37 20 cent loss
Re-entered $SCO $37 (1/2 position) stop $36.25
Raise STOP to $37 from $36.25
Raise STOP from $37 to $37.75
Raise STOP on 1/2 position from $37.75 to $38.50 ( entered position this morning @ $37)
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