I have mentioned we have some real super star traders in the Oil Trading Room. After predicting the low yesterday to the tick myself, I asked the room again today to put in their numbers for today's low. Kudos to both Jack and Mike from Chicago who called it perfectly to the tick at 91.15 on the November contract. Having guys of this caliber in the room is a privilege!
Some of the highlights in the room today were trading into the open zone short after a failed test at the over night high. This happened several times going lower as can be seen in the chart below. The first signal came to astute room members who caught the first sell according to the system on the first red arrow on the chart below (I commend them as astute because they caught that first signal as it was turning and before the background color triggered).
All in all, a fairly quiet day in the live trading room but nicely profitable none-the-less. A trader in the room commented:
On Friday's the volume can roll off a lot after the European close and CL can often get quiet in the afternoon of these days. These are the kinds of advanced topics we cover in the room. This tendency for Friday contraction can be especially true following large range days like Thursday and it was certainly the case today as shown by the market in congestion for the balance of the day following the low prediction.
See you in the room Monday!