Mike Paulenoff of MPTrader.com had this to say about oil yesterday: The US Oil Fund ETF (NYSE: USO) is showing interesting strength today after making a new all-time low this morning. As we speak the USO is pushing against initial key near-term resistance at 29.00, which if hurdled should trigger upside follow-through to test more important resistance at the prior recovery rally peak of 29.50. If such a scenario unfolds, then the confrontation at 29.50 will determine if the USO has established a very significant intermediate-term low. Mike's complete chart analysis on the USO is on his MPTrader.com site under "Markets."
simplepsyman
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I tried Mike P's MPTrader service 15 day trial.
This would be my comment on Mikes ability to pick winners.
"Mike was walking down the road today when a hole 1 ft deep suddenly opened up in front of him.
Mike jumped in the hole and said "Geeee, this hole is accumulating and at in inflexion point! I can see this hole going up to 20 feet!"
Mike was last seen at the bottom of a very deep hole."
No wonder he runs an advisory service, if he was a trader he would be broke!
robster970
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"is showing interesting strength today after making a new all-time low this morning"
The Fail is strong in this method..........
The Fail is strong in this method..........
oildaytrader
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Who gains on contagon.Can you really make money trading oil?
simplepsyman
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Well is not a new all time low is it?
Its the lowest since Feb 2010.
Remember it was only Dec 2008 when it was $37.
Could be due for a bounce but If Thailand really kicks off coupled with Herr Fraulin total twat Merkel's actions, it could go to 70 and even 64$. DOW?DAX etc looking very shaky so i woudl certainly wait, loose a few points until I see it turn with conviction or you might get burnt!
Until I see the Shanghai index turn convincingly Im out as I believe its the 10% + drop in that index that has weighed heavily on oil & hence its drop.
China & US are king when it comes to oil, everyone else is a drop or even 40 million barrels in the ocean!
Cheers BP, Twats.
Mike
B right on
Its the lowest since Feb 2010.
Remember it was only Dec 2008 when it was $37.
Could be due for a bounce but If Thailand really kicks off coupled with Herr Fraulin total twat Merkel's actions, it could go to 70 and even 64$. DOW?DAX etc looking very shaky so i woudl certainly wait, loose a few points until I see it turn with conviction or you might get burnt!
Until I see the Shanghai index turn convincingly Im out as I believe its the 10% + drop in that index that has weighed heavily on oil & hence its drop.
China & US are king when it comes to oil, everyone else is a drop or even 40 million barrels in the ocean!
Cheers BP, Twats.
Mike
B right on
wackypete2
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contango represents cost of carry. You can make money by spreading contracts (buy current month, sell future month or vice-versa) when the spread varies significantly from the actual costs or historical spread.
Peter
rathcoole_exile
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how dare you question the wisdom of the Oracle that is ODT ?????????
a curse upon your tribe !!!
(mind you, he does make even nob_trader look remotely intellectual)
a curse upon your tribe !!!
(mind you, he does make even nob_trader look remotely intellectual)
oildaytrader
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I don't trade oil that much, the contango eats into profits.Prefer shorts for contango edge.
I am making around 200 to 300 points a day using this new method.It has drawdown of 1,000 pips and reward of 2,000 points a week on 5 currency pairs ,oil and dax.Need 10,000 points account to make ,100,000 points a year or 1,000 % a year , it is without compounding
Monday 200 points , tuesday no trade , wednesday 340 points on two to three currencies and I think I can do it everyday.I have made it to 1,000 percent a year.
I am making around 200 to 300 points a day using this new method.It has drawdown of 1,000 pips and reward of 2,000 points a week on 5 currency pairs ,oil and dax.Need 10,000 points account to make ,100,000 points a year or 1,000 % a year , it is without compounding
Monday 200 points , tuesday no trade , wednesday 340 points on two to three currencies and I think I can do it everyday.I have made it to 1,000 percent a year.
Come on then genius, tell me about how how contango eats your edge...
oildaytrader
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Pay a premium on longs , so longs can lose some profits.
brasil2000
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Very impressive! care to display any of your setups with charts:?:
oildaytrader
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wackypete2
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Is it me or is anyone else not making heads or tails of this??
Peter
Peter
robster970
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Me neither. Then again I did bother to open up a weekly chart today for oil and further concluded that I see nothing to suggest going long right now either, contango or no contango.
Anyway, I'm having a week off so I don't really care.
Anyway, I'm having a week off so I don't really care.
wackypete2
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