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It was a boring day for me. Only 2 trades: Lost -255 on ES but made 295 in Euro. So pretty much flat for the day. None of the markets I was watching were giving me any movements to trade with, so i just sat there and watched the markets. I'll be back in Oil tomorrow.

Well said!

went short @ 895 target 888 stop @ 900

It's always hard trading the day after a big movement because the market is over extended and the trend has reversed so its risky betting on the old direction. I'll stick to trading EUR and ES today and will watch OIL for any nice spikes to sell into if we get any, which I doubt.

Good job man! I got back to my computer today and saw that my position had exited at 46.25 with $957 profit. My exit was high as I expected, but hey, no one has ever gone broke from making a profit. :) Lets see what tomorrow brings.

I have a hunch the market will sell into the inventory numbers, so I am lowering my exit to 46.25 and let it stay there. All the charts look toppy and we have gone straight up from 35 without any pull backs. I think the market will use inventory data as justification to sell off a few bucks...

That explains it :D Yeah taxes can eat up about 35% of your profits here in US. I wonder if I can do spread betting as well?

Heating oil is breaking down, lets hope the rest of the pack follow :)

Spanish, why not open a normal brokerage account? I mean, I don't know much about spread betting, but it seems a little fishy to me.

Finally, we are moving down Though heating oil and gas are holding up well. Crude and natural gas are the weakest.

This thing looks like it wants to go up. I got my stop at 48.675 and its about to hit it now :(

freaking oil has been choppy for the past 4 days

Yeah thats actually smart. The thing is though, I just had a good long trade in EURO and exited with $200 profit, but after i exited, it went further up by 80 pips :(

Yeah this true, but I can't trade today, I'll be at database training class all day. Need to make some money early and leave.

I have put the exit @ 47.5

I am thinking .50 exit on this trade is too small. This thing might drop like a rock. I see next major support @ 46. What about you guys?

just went short @ 48.2 stop/exit .50

I just ordered that book from Amazon, it better be good, cuz it cost me $43. :cool: I am going to make another change to my trading rule: I'll start using the 50 moving avg on the hourly chart instead of the 5 min chart to detect the current trend and then use support and resistance on the...

You got me interested in this. I am going to get the "Unlocking Wealth (Secret to market timing)" book and see whats it all about. I always like learning new things.

Mccullek, I totally agree with you in the importance of trading with the trend, but detecting the trend using that method is so unreliable and subjective. You probably got lucky detecting the trend by counting bars, because crude is seasonal and follows long term trends pretty well. ex...