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yep, thats the secret to successful trading: Trade with the trend. Do you use any moving averages to tell you the direction of the trend? if so, on which time frame? The 50 MA on hourly chart has been solid on showing trend in OIL for almost a year. I might use that as well.

Thanks for explaining that :) Another benefit of trading the mini for me would be that I could trade 2 instead of 1 CL. This way, i can cut size down or increase it, depending on my confidence in the setup. And I agree with you guys. The movement here is driven by politics more than...

Good morning everyone! I was just going over yesterday's trading activity to see what kinds of mistakes I was making and if I could prevent it in the future and noticed that I was making the mistake of fighting the trend for much of the day. I am going to make couple of changes to my oil...

wow, what a day, I got stopped out @ 48.15. That second short was a stupid idea. Now i am down -$1100

lol yeah, did guys hear his old's interview over the weekend? He was pitching his other son Jeb for the Whitehouse? damn, the US is turning into a monarchy.

Ibrahimov, welcome aboard! Okay, looks like we are finally moving down. If this trade works for me, I am going to start trading with $1 stops, instead of .50. CL is just too damn crazy and .50 just doesn't cut it.

Damn, good job! EUR looks like its about to break down

I just went short again @ 47.53 If I lose this trade, i am stopping for the day

Looks like it hit my stop and now its going down :(

yeah this sucks. This was my 1st trade of 2009 :( now i am thinking it was a mistake to short today. We are in an uptrend. I should have waited and bought on pull backs.

damn, i just got stopped out @ 47.85

Yeah i am still holding. This damn thing is glued to 47.35 I got a $500 stop on this thing. I hope it doesn't reverse on me. There is strong support at 47. If we break it, going down will be easy.

I just went short @ 47.35 looking to exit at 46.10

Great article! Thanks for posting this.

I think OIL has put a short term bottom here, but I don't expect a V shape recovery. I think we'll problly go side ways at these levels for a few weeks and form a base before going up. January is also the beginning of seasonal uptrend for Oil which usually lasts into July, so that would...

They may win or lose their battle with the Palestinians, but it's scary how they are conducting a cyber war to pollute open debates in free-societies. This creepy stuff is right of out of Orwell's 1984!

trust me, I know what you mean. I used to trade the ZB and still watch it closely, though i am scared of shorting it right now. Thats like getting in front of a train :eek: You should read this article: http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081226/REG/812229993/1036...

btw, i was just reading about fading: http://blog.afraidtotrade.com/fade-the-gap-make-millions/ I think I want to try this on Oil one of these days.

lol yeah this journal shows up as a top sub link

wow that's a lot! FYI, IB might offer you better rates: http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc