5% - 10% profit per day trading

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Quote from usman88:


Coming to this current drop in prices(from 48 to 42 today), we had a massive sell off. Retracement to $4550-4600 is very likely(most prolly on friday). Did you guys just looked how oil kept on dropping today and yesterday. It seemed as if oil would certainly go to $30 in a week no matter what. IMO thats exactly how big players operate. They manipulate the rates in such a way to 'force' every small player into shorts and then ka boom...price shoots up.

In the end, my view is that we will be touching 4500-4600 on friday and on monday, even if OPEC does not cuts output, a test of 4850 is certain
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We had the retracement one day before( I thought friday). This current move today represents exactly what I said about big players forcing everyone to go short and manipulating the price to shoot up.

'Buy the rumor, sell the fact'
We know normal weekend buying makes the price jump $1-2. Just couple this weekend buying with the fact that traders would be looking forward to OPEC meeting.

I am looking for a $2-3 price jump in the last 5 minutes tomorrow i.e. Friday (and we also close above $50)

And btw the more demand cut IEA and OPEC make, the more bullish it would be for oil. Because it would raise the probability of a significant production cut in the meeting. At least in the mind of all the traders...and thats what matters.
 
I will actually be really really gutted if it does go to my target of 46.86 by the close though.


Cos if it does i turned down just under £800 profit, to instead take just £108,
to avoid the risk and stress of holding out. :( :(
 
And btw I have limited knowledge and have done limited analysis of market profile/orderbook and according to my limited knowledge the movement on the profile suggests we are gonna go up $1-$2 more. Uptill now, every green candle has 100s of lots below it for more buying.
 
Quote from usman88:

And btw I have limited knowledge and have done limited analysis of market profile/orderbook and according to my limited knowledge the movement on the profile suggests we are gonna go up $1-$2 more. Uptill now, every green candle has 100s of lots below it for more buying.
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we are up $1
the buyers just keep on coming!
 
over the last couple of days avg daily vol has been 250k
we have done 210k uptill now
the reminaing 40k lots....anybody guessing what they will do?
 
Oil rallies 8%, rebounding after sharp decline

http://www.marketwatch.com/news/sto...x?guid={1EDBE601-E1A5-4F4D-84A0-319EF978BE23}


NEW YORK (MarketWatch) -- Oil futures rose more than 8% Thursday, rebounding from their sharp decline in the previous two sessions, as traders speculated the Organization of Petroleum Exporting Countries will cut production further at its meeting this weekend.

"The energy market has apparently concluded that OPEC still retains the ability to affect prices," wrote John Kilduff, an analyst at MF Global.

However, "if nothing more substantial than pledges of vigilance come from the weekend's meeting, the markets will show their disappointment," he added.




Nimit Khamar, an analyst at Sucden Financial Research, said a production cut "is far from definite." But if cuts are agreed, "they are likely to be in the region of 500,000 barrels [a day]."

OPEC has already agreed to a reduction in output of 4.2 million barrels a day since September, equivalent to about 5% of global oil demand.

"OPEC's efforts have been impressive, but the slowing global economy continues to take its toll on demand, so more supplies may need to be removed to balance the supply/demand fundamentals," Khamar wrote in a note to clients.
 
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