Quote from usman88:
dollar strengthening? what are you talking about because I was looking at Reuters all day and Euro was at 1.2840 ready to resume the uptrend.
And as far as oil price is concerned, we will be closing above $50 tomorrow
when i looked last about 1hour ago euro,gbp and aud were all about 100pips weaker vs dollar today.
i see that the dow has rallied alot over this last hour though, so will likely weaken dollar and rise oil.
It is likely that oil will rise today, the target i have in mind is 46.86, think 50.89 is too ambitious though cos of saudi arabia's lack of interest in cutting supply.
But im an opportunist trader, not position trader,
so theres no way i can hold trades just because i think the market will eventually rise to a certain price. :/
Can only hold the trade for as long as it still remains a buying 'opportunity'.
Once it crosses over that barrier i have no real interest in risking losing profit by holding.
I honestly do hope the price does rise for you mate and for all the other guys who are holding longs,
as i would love a sell from 50.89 or 53.86
However i very much doubt that tomorrow will be a higher day than today.
Since tomorrow both opec and IEA are gna cut oil demand forecast again,
and the buying rumour (today), selling news (tomorrow), is likely to play out.
As i dont think many traders will be willing to take the gamble and holding big longs over the weekend with just the hope that opec do cut,
and so there will likely be alot of cashing in longs tomorrow afternoon, although many traders may not even wait till the afternoon to do it.
