5% - 10% profit per day trading

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Quote from MJUK:

Was too cautious looks like the down move will come.
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can i ask if you use candles or lines charts mate??

Because the way im able to set such precisie stops is cos of teh line chart is so clear,
couldnt ever do it with candles.


Ive attached chart to show what i see though,
as thinsg looks alot like ahead n shoulders.



And if there is now a lack of buying interest this will fall... :(
 

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Also I feel if we break above 47.30 this next leg up it should go to take out 48.00. The market is aware of the small short retail traders such as ourselves.
 
Quote from Yrutman:

I do not know how high but there are some obvious stops at 48.00 right now.
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would people really be leaving stops at 48 still, instead of scaling them down to lock in profits?? :eek: :confused:


I personally think oil is now very confused,
since that rally yesterday was totally and completely illogical!

The 1 and only thing it was based on was that bernanke said 'recession may be over by end of year'.


Duno when everyone suddenly became an idiots and started beliving any of his nonsense, but they did and bought in celebration that the recession is over,
and so better lock in buys before we goback over $100! lol

Opec must have been extremely shocked to see the market rally so much even after they didnt cut.. :cool:



But so then today its now the night after the party...,
everyone celebrated yesterday that recession is nearly over an deconomy is starting to get stronger, (which is nonsense as jobless rate is going over 11%),
but so then today when we got the bit better than expected housing numbers everyone felt abit confused about what to do...

As 'good news signalling end of recession' had already been priced in.



And so it just floated sideways for 30mins not knowing what to do, and then fell down 50+ ticks.

But now its struggling to fall either, since it had the opec failing to cut yesterday and it rallied, dow and dolalr are just floating sideways,
and so theres basically the atmosphere that if we didnt flal yesterday on the opec news why fall today.. :confused:
 
A candle chart.

A line chart just displays the closing price so you are only getting a arbitary price at that specific point in time. A candle shows you far more information.
 
Quote from Yrutman:

Also I feel if we break above 47.30 this next leg up it should go to take out 48.00. The market is aware of the small short retail traders such as ourselves.
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Nice call. Lets see if has legs. It printed some reversal bars on high volume around the established support of 4660.
 
And yes as 48.00 is resistance and there are lots of traders who would leave stops there after it got knocked down from that area the last few days. Just my two cents.
 
I agree MJ,
we went down to the lows for a fraction of a second,
but it was rejected there extremely fast instead of breaking down making new lows like it normally does.

So i wouldnt be selling till about 50.89 today
 
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