I used the run back up to the $127's to trade the short side for intraday positions that have already been covered. I am looking for the chance to hit my next long term position scale out zone targets at the $118.50 level on down in the next 24 to 48 hours. Oil rallies are now being sold with conviction....everything continues to look good for the short players.
WOW that was quick.....$118.50 tagged as oil starts to trade down into my next scale out zone. Pulling an all nighter tonight with the continued oil weakness and watching a few of my Forex trades too.
After Friday's trading action, my scale out zone to the $113.50 level is almost all covered out....once my scale out zone is completely covered I will hold the remaining QM short position looking for a run to the $99 - $100 level.....will wait patiently to see what happens next.
Scale out zone to $113.50 is complete......holding the rest of my QM short for the $100 level area and below.....if we can get there.
Wooooeeeee look at oil drop. Not even all out war is stopping this rock from plummeting like so much dead weight.
the way silver traded late last week you will be happy if you got stopped out at $100 on the way to $85 , 70 $50 :eek:
Lets get one more good "the hurricane will destroy ALL the gulf oil rigs" pop so I can reload my short position heavy.....
$8 bucks to go and I will be into my next profit taking zone of $100.75 to $98.75.....the false hopes of a significant rally off the hurricane news has actually helped fuel this next leg down. Major support down around the $100 level so here we go.
ALoha, i trade crude fulltime for a living.. Had a great time hitting over £1,000 per week for over 1month, all at just £1 tick, and scalping with at 12tick spread, from a starting account of just £750. I paid over £3,000 for rent till end of november in my apaprtment that i moved into, and bough some furniture on creditcard.., but then had an extremely bad week last week cos the hurricane making it so unpreditcable!! At the moment i have barely £2,600 capital, and need to get back to hitting min £300 profit per week. (Normally this shouldn't be too hard since i could technically just trade wednesday inventory number at £2/3tick like normal, and as long as i can click fast enough its an easy 50-150ticks there everytime, but i cant just depend on that for a living). For the last few it was so so easy trading oil, especially with my style of trading, as since i knew oil was going down and was gna keep going down as aything above $115 was too high for people to handle, i could simply ONLY do sell trades, and just scalp during the day selling off every peak and spike with a giant stoploss off over 1000ticks, because i knew that oil wasnt going to rise back up $10s+ after the spikes. But now we have got to under $110, approaching the $100 mark, how on earth can you consistently make profit on trades?? And feel safe on your trades, when you don't know what direction the oil will be going in the medium-longish term?? :eek: I use S&R levels as my entry and exit points when scalping, but before i only specialised in just selling, and just ignored it when it went as low for the day as i thought i was going to. But now its so so sooo uncomfortable because i have no way of having any sort of edge/strong indciation in which direction the price will be going in the medium term. How do the rest of you consistently make 100ticks+ profit per day, everyday, now that we have come down to this uncertain level??? If any of you traded crude over 5years ago before the rise started id be extremely greatful if you could explain and give some tips and advice on how your identified the daily/weely trend each day back then when the market was so flat?? Thanks