Oil and Oil stocks

[TradeTheEasyWay]

I think Oil Could topple over here. US jobs data tomorrow, if that doesn't hold up and we break below 90 we could test 85 very quickly and possibly break lower.

Expectations are high on US jobs. they have been lagging till recently so the weekly bar will help me get postioned for the decision.

My Oil stocks are doing well. USTEN is up 400+ points from my entry.

Mike

 

[ttabz]

i hope 8830 holds )

 

[TradeTheEasyWay]

We got the topple, as suggested last night. Another profitable day!

Mike

 

[TradeTheEasyWay]

Oil broke the 50 ema in the daily Friday. US$ had 3 days of bying off the lows last week so looking for retest of 85 this week but equities finished so well after jobs data on Friday with the Dow above 12000, I think oil could recover quickly and I will look at a ny pull backs in oil stocks.

In the meantime I have a close stop on USten with 300 points profit so far but don't want to give too much back here.

Mike Hamilton

 

[TradeTheEasyWay]

Nice profit today on the 50 ema break down. Looks like we may test 85 tomorrow, or at least invents on Wednesday.

In the meantime my oil stocks are still riding high as these equities are doing so well. Pten is up nearly 600 points.

Mike Hamilton

 

[TradeTheEasyWay]

Equities powering ahead with sideways US$ so I'm buying a break up of this bar today to try to get 200 points from oil

Mike

 

[ttabz]

Never trade on wednesdays )
Unless you are really quick and have very wide stops

 

[ttabz]

Weird correlation between silver and oil...
The problem is why silver is also dropping after the selloff in WTI due to the increase in the inventories in cushing???

Anyway easy points, can't complain. )))

 

[ttabz]

OK, buying oil at 86.70 and also buying silver at 30.20.
Also trying out your advice on the usdchf )))

 

[TradeTheEasyWay]

Oil is very volatile, take it easy. I don't buy and hold unless I get a really good set up, otherwise I day trade it.

USDCHF is working out well, let's see if we get follow through into next week.

Mike Hamilton

 

[TradeTheEasyWay]

I'm in LSE:CNE at 425, looks like it could break up from here.

Mike

 

[TradeTheEasyWay]

LSE:CNE is doing ok for me. Hoping to see it at 500 before not too long. Oil is still holding up well, I'm not convinced this wilkl come down any time soon althought the US$ has bottomed short term.

Heritage oil had a good run today, will watch this for an entry.

Mike Hamilton

 

[TradeTheEasyWay]

192 points today in oil. the story was in the daily with a shooting star and gap to the 8 ema.

Here are a few of my points.

http://www.screencast.com/users/MikeHamilton/folders/Jing/media/2f4b7dab-c173-409f-9e0b-2e012d1aa3e8

Mike

 

[TradeTheEasyWay]

Oil look s set to move to 120 after a ull back to 110.

Mike

 

[TradeTheEasyWay]

And here we are at 110 so let's see if this holds.

Mike

 

[TradeTheEasyWay]

Oil has broken up through key levels with good volume so 3 great trades today. A pull back to 10760 and we could move back up to 110 and beyond IF consumer sentiment is strong tomorrow. The YUS$ is weak so its helping.

Mike

 

[TradeTheEasyWay]

Oil, June contract - long on a pull back to 109.60
- Contract change over
- 3 higher closes
- Fibs - Move off the 50% last week
- Equities back in long trend on Friday's close


Entry: 109.60
Stop: 106.30
Target: 120

Mike hamilton

 

[TradeTheEasyWay]

US$ is due a bounce and oil broken key level Friday.

Will keep an eye on my oil stocks (US / UK).

What do you Guys think?

Mike :clover:

 

[TradeTheEasyWay]

I'm long oil from the lows, here is why I'm holding on...

click on the link...

2012-01-24_1858 - MikeHamilton's library

Mike

 

[TIG-Michael]

Howdy Mike!