The S&P and the Dow seem to be topping out now. I think oil may follow suit and not go above 60.00. What do you guys think about their correlation? For a while I though it was broken, but they still seem to follow each other closely still.
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5% - 10% profit per day trading
- Thread starter spanish89
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It seems we are headed lower from these 5700 level , any thoughts Usman
long 57.40. 20c stop.
reentered long at same point as stop. it feels like 58 is coming up shortly.
looks like we're going to retrace just a bit from intraday high of 57.75 before breaking it.
>> ok guess not. i'm already out so now i have to wait...
>> ok guess not. i'm already out so now i have to wait...
Short 58.00, 10c stop. if we drop i'm going to set stop to breakeven and hold on.
reversed at 57.75, small long now. i think this is going higher than 58.
reversed at 57.75, small long now. i think this is going higher than 58.
small short into after hours, 58.45.
>> crap, too soon
>> crap, too soon
Since pretty much all the small traders are stopped out yesterday and today morning , the big guys pulled the price to 5900 .
there is no real money required to pull up to 5900 , there is not real buyers from small trader community.
now when small guys who are stopped out wanted to buy oil , it is high price.
of course equity market up little bit helped , but it seems the game played from big player standard play book.
there is no real money required to pull up to 5900 , there is not real buyers from small trader community.
now when small guys who are stopped out wanted to buy oil , it is high price.
of course equity market up little bit helped , but it seems the game played from big player standard play book.
Quote from usman88:
I got out at 5820 with around 100 ticks loss on 20 lots. Anyways my mistake, SHould not have hurried and should have paid attention to the fact that market did not broke 5990 even after bullish inventories.
As far as tomorrow is concerned I am pretty sure we are gonna go up as todays move was one of the tactics big players employ to wipe out smaller traders. They do this especially for reversals i.e. selling on 'apparently' bullish news coz everyone else is buying. Thus rate does not falls. Then over the days due to lack of buying pressure (as big players are already short) market comes down drastically.
This isnt the case here as a lot of investment is coming in. $50 is history now, at least for 1 month. IMO todays move was to trigger stop losses. Tomorrow we move higher and break 6000 although i will be highly cautious
short 58.20, stop 58.35. if today's a down day, this is prob a good place to get in.
>> stopped out
>> stopped out
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