Spank the Markets - CL Edition Trading Blog: 6/18 - Switching to the 08-10 contract (Need to update week after confirmation)

Friday, June 18, 2010

6/18 - Switching to the 08-10 contract (Need to update week after confirmation)

Yeah, I still need to update my postings for this week, but wanted to quickly note that the 08-10 contract has over taken the 07-10 contract on volume as of this morning.

I think today is quadruple witching day as well.

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How I trade:

-> I first identify the context of the market. This is done by drawing trend lines where price has proven them already, and then most times, taking a parallel of these lines, and drawing ‘potential’ or unproven trend lines.

-> Once the trend lines are identified, I will locate key areas where price has failed to breakout/down, or has shown support/resistance on more than one occasion. I give the most “weight” to the most recent price action at that point.

-> Wait for price to approach a trend line, as well as have potential support/resistance in the same area, and then take the trade.

-> I trade 1-5 contracts. Full stop <$600. I look to trade from 7:30-10:30 CST.