5% - 10% profit per day trading
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Oil leaps above $47 a barrel as U.S. stocks rally
http://www.marketwatch.com/news/sto...38-6311-424D-A012-69C08B41CACF}&dist=hplatest
"Strong stock markets help support crude," said Phil Flynn, vice president at Alaron Trading. "G20 and Bernanke's comments give people hope that the economy will recover and oil demand will rise again."
"The markets in general seem oversold and I think people are taking the opportunity to bottom fish anywhere they can, crude included," said Zachary Oxman, senior trader at Wisdom Financial.
"The outcome of this meeting pretty much fulfills the Saudi Arabian agenda ... the need to help reflate the world economy, and pressure on the OPEC freeloaders to pull their weight," said analysts at J.P. Morgan in a research note. Saudi Arabia is seen as the most influential member of the cartel.
"At the moment getting the world economy back on its feet is more important than lifting the oil price by a further $10 a barrel," they said.
Analysts at Commerzbank said that "the previous cuts made by OPEC are enough to reduce the oversupply on the oil market if they are fully implemented."
"So OPEC's decision at the weekend is sensible," they wrote in a research note. "Another cut in production quotas could have harmed OPEC's credibility if it had ultimately not been put into place.
http://www.marketwatch.com/news/sto...38-6311-424D-A012-69C08B41CACF}&dist=hplatest
"Strong stock markets help support crude," said Phil Flynn, vice president at Alaron Trading. "G20 and Bernanke's comments give people hope that the economy will recover and oil demand will rise again."
"The markets in general seem oversold and I think people are taking the opportunity to bottom fish anywhere they can, crude included," said Zachary Oxman, senior trader at Wisdom Financial.
"The outcome of this meeting pretty much fulfills the Saudi Arabian agenda ... the need to help reflate the world economy, and pressure on the OPEC freeloaders to pull their weight," said analysts at J.P. Morgan in a research note. Saudi Arabia is seen as the most influential member of the cartel.
"At the moment getting the world economy back on its feet is more important than lifting the oil price by a further $10 a barrel," they said.
Analysts at Commerzbank said that "the previous cuts made by OPEC are enough to reduce the oversupply on the oil market if they are fully implemented."
"So OPEC's decision at the weekend is sensible," they wrote in a research note. "Another cut in production quotas could have harmed OPEC's credibility if it had ultimately not been put into place.
okay, today was not a good day to short. i was still able to turn a profit at the end of the session by scalping that crazy choppiness. i gotta use tight stops more like i did today, it really reduced the hurting when the market kept chugging upward.
I also made the mistake about direction trading in anticpation of what everyone though was the standard logical move to happen....
Instead of doing my normal oppotunist only trading.
(Would have meant i didnt take the profitable trade earlier, but atleast its safe)
Ive now had to average myself by adding 2 extra contracts,
so average price is 46.26
So now just need a $1 dollar down move,
which if we can get a dow reversal overnight which is likely after how far dow has moved over last 5days,
or just get a normal pullback from this huge random oil upmove,
then i can clear this trade and get back to safety.
Never ever am gna do trend trading again though as it just doenst suit me at all.
Instead of doing my normal oppotunist only trading.
(Would have meant i didnt take the profitable trade earlier, but atleast its safe)
Ive now had to average myself by adding 2 extra contracts,
so average price is 46.26
So now just need a $1 dollar down move,
which if we can get a dow reversal overnight which is likely after how far dow has moved over last 5days,
or just get a normal pullback from this huge random oil upmove,
then i can clear this trade and get back to safety.
Never ever am gna do trend trading again though as it just doenst suit me at all.
by tomorrow oil will give up easy $1 to 46.50 at least I am holding
We got dow in a downtrend for the last 1hour, down 100points so far and just about to break under 7300 
Was there some sorta roll over in wti april today though??!!
Cos i was looking chart and then i was so soooo clsoe to having a heart attack!! :'(
I actually felt my heart bang into my ribs in a jolt forward!
On the chart it suddenly spiked up to 48!! :eek:
on ETC's platform it stayed normal, and other oil chart showed nromal price,
but so this is some sorta roll over.
duno what though.
Oil is down to 47.16 though now and dow is down 115rom its highs now..
Was there some sorta roll over in wti april today though??!!
Cos i was looking chart and then i was so soooo clsoe to having a heart attack!! :'(
I actually felt my heart bang into my ribs in a jolt forward!
On the chart it suddenly spiked up to 48!! :eek:
on ETC's platform it stayed normal, and other oil chart showed nromal price,
but so this is some sorta roll over.
duno what though.
Oil is down to 47.16 though now and dow is down 115rom its highs now..
aloha mate, yea i saw that brent had soem options expiring today, duno if they are to blame for this shorts squeeze.
The dow n dollar may have affected it abit n given it some lift, the nigerian pipleine attack may have also added abit of boost,
but the size and steepness of this up-spike just looks very very dodgy.
How you did today mate??
apart from equities rallying there were news of iranian drone being shot down by US in Iraq and 50k barrel/day production cut by venezula(however its spelled)
I always knew this rally was gonna happen today(see how i always talk about big players manipulating the market). I sold initially witha tight stoploss and was stopped out. Then I went long all the way and it turned out to be a normal day for me
I always knew this rally was gonna happen today(see how i always talk about big players manipulating the market). I sold initially witha tight stoploss and was stopped out. Then I went long all the way and it turned out to be a normal day for me
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