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The trendline break has happened. Looking for position trade now on a retracement if the break confirms.

Not bad at all. Nice trade. I wasn't suggesting don't go long just I don't think we will see your $54 target anytime soon. I think we will be in the early $40's by next week to be honest. Tomorrow is crunch day if we penetrate the trendline (which will be at c $48.40 by midday tomorrow) I...

Be ready to drop that if it breaks the upward sloping trendline (currently $47.50). The fundamentals do not support $50 oil.

Also gone long NG based on exceptional relative to strength to the other energy detrivatives. Tight 90 tick stop.

When oil breaks its intermediate uptrend line I will be looking for a short postion on a retracement. Preferbly to the underneath of the trendline or a fibo 50/66 but anything will do. Stop will be $51 with a target of $42.5-40.

Bloody helln thats expensive. Why don't you use IGIndex if that is the case? ANyone know what CityIndex or CMC charge?

I thought you had been doing pretty well recently? Building your account back up slowly?

What spead does eveyone pay when spreadbetting WTI? I am currently normally paying 7-8 to IGindex and I'm thinkling there must be a better option?

I'm too busy at work for inter-day stuff. I think it will drop back into the 33-50 range and trend down. How much has the dollar actually lost? Not very much. The dollar index has lost c 2 points since the FED announcement which under 2.5%. It looks to be strengthening and the EURO...

I have not sold yet no. This is a medium term trade i am looking for which may be held for a couple of weeks or so. I would like to sell now but am conscious there will be technical support around 5020-5080. So may look to sell a retracement after a break back into the 33-50 range.

Oil falls as economic crisis deepens Wire services Oil fell by more than $1 in early trade today after weak export data from Japan, and as investors paused to reassess bank clean up plans, halting a global equities rally. Japan, the world's second-largest economy, posted a record drop...

I haven't done much this week. Going to be looking for an oil sell positional trade. Demand seems to be very bad and I expect a sell off now.

I take it you didn't read the link I gave you. I studied peak oil for a long time when I found out about it. I can tell you 100% your claim about 'thousands of years' is totally absurd. Not even the Exxon Mobile, the EIA or USGS with their pie in the sky forecasts say that. Both the EIA...

INTJ here as well. Although I already knew that. I did a test to find out which simpsons character I was and it came out as Mr Burns!! (INTJ)

I don't think so personally. I think the market has too many particpants, too many retail speculators and too many commercial companies hedging. If big speculators pushed the price too far away from fair value they would get killed by lots of commercials coming in and exploting the high/low price.

The locals tend to run stops and the price generally rotates back down and they pocket the gain on the downside as well. Unless you get a stong surge in volume breakouts often don't follow through. Let alone carry the price as far as is being suggested.

I don't think big speculators can control the market to the extent you think. There are too many hedgers in the market and too much volume. Sure they can take out a few stops when the price gets close to it but direct the market like you suggest is just too much.

How much are you down? I am pissed off I dumped my USO yesturday. Would have been sitting on another $3,500 now. Overall I made about $200 today not exactly what I was hoping for and I have to go back to work tomorrow! :(

My first resistance level is 5020 so any reversal near the 50 level will do.. Doubt it is going to get there now.

Range break out on very heavy volume