Oil Price Has Turned Bearish Medium-term

[MichelGJulien 10]

Busy day for me today outside of trading, so I really do not have a lot of time to write a good article so I'll do my best to keep it short and straight to the point. All the juicy action took place right after the pit close yesterday and we (daytime traders) were left again with crumbs during today's pit session. One of my followers on stocktwits asked me: "Seems like to catch the big moves, you have to trade at night, no"? To which I answered: "Been that way lately because of Syria situation imo. Not always like that. But for me a good night sleep is worth many ticks". Anyway that gives you an idea of the frustration that prevails right now among traders during the pit time.

 

Overall, there was a $3 plus waterfall from yesterday's high. A sizeable move that should continue to progress downward tonight and tomorrow. I declare the war premium because of Syria officially priced out of the market now, so unless things change drastically on the geopolitical front, we can forget about this whole thing and get back to business as usual. For tomorrow, I expect that the 106 level will be put to test. If it yields, God bless the longs.

 

We are on track for 106 tomorrow

 

I managed to take 3 trades today:

 

1. Short 106.88 at 10:40, exit 106.75 at 10:46 for a +13 ticks profit.

2. Long 106.55 at 11:08, exit 106.55 at 11:15 for a breakeven trade.

3. Short 107.08 at 11:40, exit 106.98 at 11:44 for a +10 ticks profit. Result: +23 ticks today.

 

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[Ammeo 10]

Yup, there's not going to be an outside attack on Syria, As far as Russia and Saudi Arabia are against the war, US cant do anything. US knows messing with Russia is gonna be a big mistake.