5% - 10% profit per day trading

Holding this still. Making about 30 pips. Just £2 per point. One of my first oil trades.
What time are the inventories out?

 

I like your thinking. We might see52 - 53 this week but we might need to get back to 47 or 48 today for the oil bulls to feel better about loading up. From a macro econ stand point seems like we should be at 30 so for me it feels easier to be short but usually the easy trade is wrong so who the heck knows. I just know im willing to lose 3k to make 7!

 

closing that oil trade here for 60 points profit, so £120.

 

closed out a couple shorts i was holding from yesterday for about 130 cents, basically break even from yesterday's ridiculous trading.

 

im just waiting for the status report now. crude oil seems to be trying to stay up even though rb/distillates and equities are dropping.

 

EIA report

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased 2.0 million barrels from the previous week. At
353.3 million barrels, U.S. crude oil inventories are above the upper limit of
the average range for this time of year.

Total motor gasoline inventories
increased by 3.2 million barrels last week, and are in the upper half of the
average range. Finished gasoline inventories fell last week while gasoline
blending components inventories rose during this same time. Distillate fuel
inventories increased by 0.1 million barrels, and are above the upper limit of
the average range for this time of year.

Propane/propylene inventories decreased
last week by 0.6 million barrels and are above the upper limit of the average
range. Total commercial petroleum inventories increased by 3.1 million barrels
last week and are above the upper limit of average range for this time of year.

 

going short here, 48.00
stop 48.35
target, somewhere lower than 48.00

 

this should drop to 45 at least if not more

 

I dont know much about options and was looking at the prices.

Currently the put/call ratio(of last price) for may 09 options is 4.65/3.21. Since this ratio is positive it means sentiment is bearish and price is gonna fall. Am i correct?

 

i don't know much about options outside of what i learned in school, but i googled it:

Investopedia explains Put-Call Ratio
For example, a high volume of puts compared to calls indicates a bearish sentiment in the market.

that is talking about volume though, so not sure.