Thanks.....it is nice to see oil finally getting beaten down....our economy needs all the help it can get at this time.
Long from 77?? :eek: What economic/fundamental factors you think will contribute to that rise though?? I am very interested in your views as i have been watching your trades, and you basically trade in the exact same style as me, from the same levels, but your more skillful in holding your profitable trades, and adding more on, Whereas i just close it, and then reopen same direction. From 140s it as very very easy to sell down, because i knew we couldnt afford 150 oil. But when we get to 70/80, im very very worried there will be no movement, and so then no more making a lving at £1 tick for me.. :eek:
There was SIGNIFICANT volume that broke us through the upper $70's that I do feel will fight to support that level. At some point we may bust through below the $77 area for a short period of time......maybe a week, or maybe a few months. Once this happens I would be inclined to look for LONG signals from divergences in the cumulative delta and price......just the same type of signal I had in Feb 2007 when I bought the QM in the $47's. There WILL BE a very good time to buy oil again for the next RIDE.....just sit back patiently and look for the signal.
LOL Well im basically using you as my god, and following/trading all the levels that you are.. But i have 3 questions; I know your richer than me and so have time on your sid when you can just watch the market and dont NEED to trade and hit a certain amount of money each day or week to just pay your rent.., But if you were in the situation that you needed to be hitting atleast 100ticks average per day as min from oil to just be able to pay your rent and food, how would you ersonally trade it?? 2ndly- Now that economy is weaker, and gna get alot weaker, what do you base your judgement on that oil will rise again for a few weeks atleast so be buyable?? Since the previous rally from the 40s up was when times were very different. And 3rdly- yesterdays move from the low 90s, rocketing back up through 100 (cost me 25% of my account and all this months profit so far)... Do you see it as a short/midterm trend change, that we all knew had to come as just technical pullback, and if so how high you see it rebounding to?? Or if you think its just a temporary jerk up, where will you be putting you next sell in?? Thanks in advance, and i look forward to your answer.
I have added several SHORT QM's (Nov contract) at the $106.75 level for my longer term trading......the rest of my QM trading has been all intraday LONG and SHORT trades as I get signals. This is excellent volatility so you have to take advantage of the runs in price.
Quote from spanish89: LOL Well im basically using you as my god, and following/trading all the levels that you are.. But i have 3 questions; I know your richer than me and so have time on your sid when you can just watch the market and dont NEED to trade and hit a certain amount of money each day or week to just pay your rent.., ************************************************************* ***This brings up a good point......having the capital and proper system to trade the QM/CL. This is a very volatile contract so you need to have a proven system to trade it imo.....the only way to have some control over your risk. ************************************************************* But if you were in the situation that you needed to be hitting atleast 100ticks average per day as min from oil to just be able to pay your rent and food, how would you ersonally trade it?? ************************************************************* ***This is TOO LOW of a probability to make work imo.....build up a workable system first, then trade with real funds. ************************************************************* 2ndly- Now that economy is weaker, and gna get alot weaker, what do you base your judgement on that oil will rise again for a few weeks atleast so be buyable?? ************************************************************* ***Oil is buyable for one to two day trades at this time for the type of trading I do.....the pressure on oil going forward will still be to the down side in a macro sense for the next at least 4 to 5 months....just my $.02 (further potential demand destruction) ************************************************************* Since the previous rally from the 40s up was when times were very different. ************************************************************* ***Very very different from our current world economic situation...you are correct. ************************************************************* And 3rdly- yesterdays move from the low 90s, rocketing back up through 100 (cost me 25% of my account and all this months profit so far)... Do you see it as a short/midterm trend change, that we all knew had to come as just technical pullback, and if so how high you see it rebounding to?? Or if you think its just a temporary jerk up, where will you be putting you next sell in?? ************************************************************* ***The HUGE LONG inventory zone I had mentioned was cleaned out....all trading below that level was bottom picking and highly profitable SHORT holders bailing with excellent profits PRIOR to their next known support zone....$85's to $77's. Most BIG PLAYER short holders dumped out and took profits before the next MAJOR support zone. Next leg down will most likely then touch and challenge that zone.....just not this first time back down sub $100, $90 was all she could get to for now.....not bad though from $146's to $90.... ************************************************************** ************************************************************* Thanks in advance, and i look forward to your answer. No problem.
You thinking that the weak economy is going to take over in traders minds ratehr than the weaking dollar then?? And where you putting your stoploss for that short?? I hit 191ticks today, not great, but scalping sorts with a 12ticks spread does get really tough! lol I wanted to drop a short from the high 106/107 area, wth a target of 102.36 area or below, but because of whats happening with dollar weaking, +huge amounts of money being poured into buying oil as well as gold, cos oils meant to be safe for buying now...?? :eek: l
No problem.....added additional SHORT QM's (Nov contract) at $109.75 .... I will be adding small SHORT positions every $3.00 per contract for as high as she wants to run. :eek: High today for the November QM contract was at $110.47......front month CL traded to $130.00 ...... LOL!!!!!!!!!!!!!!!