I was in a significant sized position as I started the SHORT at the $147's, plus many of my add's alone were 9 lots per add. The drop in oil has been dramatic which is the main reason I was able to do so well, coupled with a fair amount of re-SHORTing opportunities on most significant rallies as we trended down.....it all adds up fast.
That's what I figured, you're analysis is quite on point. A fellow trader I know shorted 20 CL's at $140 and held on till the low $100s, also netting a modest 6 figures. I've been day trading through out all of this, averaging 1-10K a day, but with this style of trading you end up giving alot of it back, so I will be starting to trade semi long term to catch most of the trend without the headache.
Whats your view and how you going to manage your current trades in regards to the following; oils currently gone back from 87, slapped 92, now back below 90 in just 1day, this was because dollar weakened, opec scared everyone, and so this was perfect excuse for all th bargain hunting buyers (sellers sat out as it was big support). However now we back just under 90, inventories coming out today (if we getting more over supplies now from gustav could be great selling, but no1 can forecats the number so ignore that), dollar getting stronger again, dow n ftse weakening, but fed gna cut interest rates soon (will either bring hope or show panic), and opec are gna say some stuff later this week again or next week if we get more oil falling. But so my question to you made more simple is with all the factors now chucked ina nd churned together causing loads uncertainty, are you; Leaving sell open/ or /cashing them in now, and the waiting for bounce to mid/high 90s before taking out more sells?? Cashing in now,and waiting for inventroy numbers before re-opening depending on reaction? Just leaving everything as it is all sells still on down to under 80??? +Briefly what your view on this now current bunch of fundamntals we have, and any/many already been priced in?? Cos im very curious and interested as to how your laying this out now..., i personally turned down a great sell today from high 91s, as wanted to wait till inventories reaction tomorrow.
lol I wouldn't say that id be not making profit, as its obvious for anyone to just sell oil at the moment, and my style of trading is as 'an opportunist', not a swing trader like amt, but not scalping, so i trade differently to amt. However without all his advice and views i would feel ALOT less confident in making my trades, especially as we go down to the low levels no. But having his view and knowing that he is doing it does give me ALOT of extra confidence, and so i am extremely grateful for that mate..
Ooooh ok AMT now ist really hitting back hard as i forecast it would.. :/ We have gone from mid 86 level to breaking the 90.16 level cos of the rate cuts!! What your view on what the oil movements will be tonight in china and tomorrow?? You see oil going back to the high 90s/100+ level off this?? Or the hope reaction form this gna die out later today n oils gna be at 81 soonish?
No big deal....I am just sitting back and patiently waiting........demand destruction is still as strong as ever so in the end it will prevail. This also shows just how strong the $85 level is....price trading just above it for some time now. Oil inventories report out today too...we will see what the inventories are doing then.