Ahhh... I've seen this show before. I look at vwap and the volume on the 1 minutes. It'll come back down. Its like TEAM... it jumps on zero volume.
Thats why I keep those positions small like that. If you bet the farm, you can be right as all get out and get margin called with a broker initiated cover on a spike. Learned that one long ago the hard way.
EIA report this morning showed mild reduction in gasoline inventories. CL popped $1/BBL on the news but immediately retraced the full amount. Crude remains extremely volatile showing a high of $26.08 and low of $22.58...now just above $23.00. 13 days remain till June contract settlement. Prices remain above $20 on the hopes of increased gasoline demand and increased space for WTI crude at the Cushing, OK terminal.
I'm a reversal trader basically and profitable but what I do is finding levels of support and resistance and betting that they hold or not. I have my methods on deciding by fundamentals and historic prices. He is doing intraday swings based on statistics along with price action which would be the next level for me. So I'm especially eager to learn from him as his addition seems more valuable to me then the scalpers and other styles present on this board.