Nice Trade FF!!!! Might be going lower if Bush gets his way! They'll run it down to $80 a barell again. Yipeeee..........lol 99cents for reg............can't wait!
Stop and review what the playing field of oil (CL) is offering, day to day. The speedy and smart can start but first you must do your homework to know this market thoroughly. Of course you must use an accurate methodology. Look at the range which today (Thursday July 17 2008) was 773; many times there have been recurring big ranges out at 4 to 6 bucks for the day. Best play is intraday, exploiting CL open to close. Play the gyrations sequentially. Look at the sequence for today (July 17); the session's gyrations (up/down repeating) produced 28 macro 'legs' of minimum 45 points (ie cents). The mean average of those 28 'legs' was 125 points per 'leg'. Therefore between 10am and 2.30pm, thats 3500 points which were on offer. Take most of that daily and you can get rich quickly. Take some of that consistently per day and you will still get rich.
I agree.....pure accordion territory (constant scale-in and scale-outs)....best market I have seen in years for this.
the US cannot afford a big crack in oil prices since all the ethanol-solar-wind-drill-drill-drill economics would fall to pieces.. which is the only bubble left we have... oil stocks are in trouble now and have been for the last month as hedge funds are bailing due to redemptions (an opinion) we need $800 oil so T. Boone can afford to paint his wind farms with whitewash. qTAXPAYER.PK
Well tell me your secret, I have worked in many industries and this is very hard, although (can be very lucrative) it still is work. I assume you were joking, because I don't think anyone would play about $$$, and I do agree, that anyone that can sit behind a pc and make some serious $$$ in a short amount of time can look at life as not working, but again tell me your secret. And if your making it, coudos to you pal. Keep gettin richer!
For me it is all a reflection of ones ATTITUDE.....I absolutely LOVE to trade, so it actually never feels like work to me doing what I have full passion for. There is always a lot of hard work within the proper operations of trading, but if handled within the context and mentality of an individual freedom directed opportunity, this makes it a brilliant lifestyle imo that just does not FEEL like work to me!!! I ultimately look upon my ability to trade and enjoy this lifestyle as a true blessing!
Lets take a look at oil today (CL - Monday July 21, 2008). Heres how the mo-fo (U8 contract) went open to close: up 50, down 61, up 105, down 123, up 114, down 112, up 214, down 92, up 58, down 78, up 77, down 102 & up 168. Fast bottom at 14.14. This is earlier enough before the official EOD for what I call a nice sting in the tail - big upswing into the close. So be it - 160+ from 14.14 bottom. Ok, remember keep an open mind always. I read my charts, take the signal for the turn when it comes. I am also plotting ahead as to the sizes of the moves from each turn. This keeps your mind open - as a routine. ".. ah bubbling crude.. oil that is .. black gold .. Texas tea"