Time to short Oil

Quote from AMT4SWA:

No big deal....I am just sitting back and patiently waiting........demand destruction is still as strong as ever so in the end it will prevail. :)

This also shows just how strong the $85 level is....price trading just above it for some time now. :) Oil inventories report out today too...we will see what the inventories are doing then.
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Im trying to workout what caused that spike from 87 to 89s in a few seconds!! :(

I was out and so had missed cashing in my trade that oppened from 87.39 n was in profit instantly for 2hours. :(


I was thinking that this 8million oil over supply + ftse crashing would lower oil in china tonight.
 
Quote from AMT4SWA:

No big deal....I am just sitting back and patiently waiting........demand destruction is still as strong as ever so in the end it will prevail. :)

This also shows just how strong the $85 level is....price trading just above it for some time now. :) Oil inventories report out today too...we will see what the inventories are doing then.
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Well I have been calling for the $85 level for some time now and I had significant covers tagged as we traded below the $85.75 level today. The demand destruction play is as strong as can be as the markets continue to blowout. This is a key zone from the $85 level to the $77 area, so we will have to see if this area can hold for a short term bounce or an acceleration downward as the demand picture clarifies.
 
Oil this a.m. is getting drop kicked into the ditch.......profit targets all the way down to $79.75 getting tagged out for me as I type. The last profit target I have in this zone of support, which is getting slipped through like a hot knife through butter, is at $77.75. After this level gets hit, I will only be holding my last 10% of this trade which started at $147.75. I will sit on the last 10% and just slowly scale it out over time with any additional drops below the $77.75 level, or until the last weeks of December when I will just flatten the trade and call it good.

The demand destruction macro outlook has throttled the oil trading to new yearly lows......me likes!!! :)
 
The last good dip in the QM contract today tagged my final "zone" profit target at $77.75 .............I am now left with the last 10% of my position with no targets set. We will see what happens in the days/weeks ahead..........that was one amazing ride down from the $147 level.
 
Aloha AMT mate, ive bene thinking and worrying all weekend about what is the next midterm oil trend...

As im getting increasingly scared we are now gna get a sideways 'ranging' market for the next few months, so instead of looking like currency pair with huge trends, oil will look like how the ftse did for all of 2007, making it a nightmare to trend!!! :eek: :eek: :( :(


So i was very crious as to what your next 'mid-long term' trade will be for oil???
 
I will be monitoring the macro demand destruction trend and that will be my primary focus prior to any thought of going LONG long term. The macro demand environment in February 2007 when I went LONG oil at the $47's is very different from our current situation. I will not be willing to get back to the LONG oil game until the demand picture clarifies from our current worldwide economic blowout!

There will be a time to go heavy LONG again in oil.......we are just no where near that time now.
 
Quote from AMT4SWA:

I will be monitoring the macro demand destruction trend and that will be my primary focus prior to any thought of going LONG long term. The macro demand environment in February 2007 when I went LONG oil at the $47's is very different from our current situation. I will not be willing to get back to the LONG oil game until the demand picture clarifies from our current worldwide economic blowout!

There will be a time to go heavy LONG again in oil.......we are just no where near that time now.
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Ahh ok.

I wouldnt wnat to go long untill atleast next easter / the price falls below $40...


But so would you still be selling oil then??

Or would you just find a whole new market to trade instead??
 
Quote from spanish89:

Ahh ok.

But so would you still be selling oil then??

Or would you just find a whole new market to trade instead??
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Sure I will sell it again if we get any moves back above the $110 level.

I am currently looking at two other longer term trade set ups in other markets, and I will be shifting my focus to other instruments/markets going forward (while keeping an eye on oil with any flattening out of the macro demand picture).
 
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