Oil prices fall as Saudis hint at raising supplies http://www.barchart.com/headlines/story.php?id=896208 Saudi Oil Minister Ali al-Naimi said he expected world oil demand will increase this year to between 1.5 million and 1.8 million barrels per day. That's higher than forecasts from the Energy Information Administration and the International Energy Agency. JP Morgan analysts point out that al-Naimi's prediction of stronger demand probably means the Saudis are willing to raise production. "It would seem more oil is on the way, which will reduce the supply deficit and will moderate the price gain," JP Morgan said. Michael Lynch, president of Strategic Energy & Economic Research, said al-Naimi's comments imply that he thinks oil prices are too high, and the Organization of the Petroleum Exporting Countries would take steps to bring them down. "I think that's the first serious comment along those lines from anybody in OPEC," Lynch said. "He seems to be saying maybe the market needs more oil." At the gas pump, prices lingered around a national average of $3.11 for a gallon of regular, according to AAA, Wright Express and Oil Price Information Service. That's eight cents more than a month ago and 40 cents higher than a year ago. In other energy trading on the Nymex, heating oil lost 1 cent at $2.6450 a gallon. Gasoline futures lost 2 cents at $2.4565 a gallon. Natural gas for March delivery fell 12 cents to $4.628 per 1,000 cubic feet. In London, Brent crude gave up 44 cents at $97.16 per barrel.
Kid, while I totally agree with you, I think ZXD is mentioning a trade that is in the red, that is, he's not bragging or anything, just adding a caveat. Hope he and Start get out alright.
I posted my trade in real time, look at my previous post, said I was long at 87.40 with 87.75 target. It was a day-trade for me while the 4 contracts I have at 89.34 are a long-term thing. The 89.34 price that I said I'm long at is about $2 higher than the current price, why would I lie about being long 4 contracts at 89.34 which puts me at a ~$6000 loss at 87.75?
So we feel sorry for you and send you money? I tried posting earlier, but was unable to because it was too soon after my other post, but when price broke .79 on your long trade, it's likely to try for next resistance. I'd start trailing a stop under the 5-min bars at that point to try and get more out of the trade. Basically, break of .75 was a confirmed trend reversal signal.
How many points would you set your trailing stop at ? Yeah, I'm wishing now that I held a little longer, the thing though is the price jumps around so much sometimes that it seems like the trailing stop can be hit so easily, no?
I trail the 3- or 5-min bars as they close, looking for price to break each previous R level. This one made it all the way to 11:05am ET bar level so far. Now if it can't break out that level, could be a decent short signal, but we're coming into NYMEX final 30 minutes when all manner of hijinx occurs
You have to hold the long due to the power of that daily trend line, one of the reasons why this seems to rise on thin air.
So if still in the trade now, 3-min trail is @ .11, 5-min trail is @ .08, and looking for at least a stop run of that previous R.