lurkerlurker
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Never too high to buy!
And the spike down today provided a valuable buying opportunity. It is a shame I didn't have the guts to hold on longer given that this market is going up, but I didn't want to take a loss on that trade and a BE stop would have seemed like a waste! I actually thought that we'd see $100 today given the early highs at almost $99. It is a shame the inventories weren't as weak as last Wednesday - I had tried to go long £3pp at 14:27 last Wednesday, but CMC were having problems and didn't fill my order 🙄
And the spike down today provided a valuable buying opportunity. It is a shame I didn't have the guts to hold on longer given that this market is going up, but I didn't want to take a loss on that trade and a BE stop would have seemed like a waste! I actually thought that we'd see $100 today given the early highs at almost $99. It is a shame the inventories weren't as weak as last Wednesday - I had tried to go long £3pp at 14:27 last Wednesday, but CMC were having problems and didn't fill my order 🙄
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lurkerlurker
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Thanks laptop - that price zone makes sense and gives decent risk:reward - I agree with that to the extent that I didn't want to hold my long from $1 north of that zone. Lets have a pullback!
lurkerlurker
Did you buy some crude, we got to the buy level I mentioned. it's trading at 97.30 at the moment.
More Gibberish from the Hookster...
If it was me I would take it to $100 on Friday.....9-11... that would give them something to fill the weekend papers and news bullietins with....
It looks like it doesn't want to go that far ... a bit shy 🙂lol: ) So any further easing below $96 is very interesting ..just in case.
Obvously ripping out $95 would not be nice... as it really should make new highs on this drive...stp is $94. for strategic positions..
Now $96 and change
If it was me I would take it to $100 on Friday.....9-11... that would give them something to fill the weekend papers and news bullietins with....
It looks like it doesn't want to go that far ... a bit shy 🙂lol: ) So any further easing below $96 is very interesting ..just in case.
Obvously ripping out $95 would not be nice... as it really should make new highs on this drive...stp is $94. for strategic positions..
Now $96 and change
TWI
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needs to consolidate a bit below $100 and likely to be pretty volatile btu fact is that supply demand in 7% deficit this year already and only going to get worse. If there is escalation in middle east which continues to look likely we will go a lot higher. If things stay as they are expect us to trade to $115+ by new year.
Continue to buy dips, there is simply not enough of the stuff to meet current demand and the excess capacity available is not much at all so you cannot rely on OPEC to help the situation.
Continue to buy dips, there is simply not enough of the stuff to meet current demand and the excess capacity available is not much at all so you cannot rely on OPEC to help the situation.
lurkerlurker
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Sorry laptop, I was away from my desk and didn't have an order in the market. I don't like the idea of having to use such a wide stop. I'm only going to enter this market long term on a valid daily "pin" bar, and only if the stop is clear and reasonable.
JTrader
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lurkerlurker
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Yeah, we're almost 10 big figures off. I'm not selling crude, but I'm thinking of a nice little long with a wide stop!
lurkerlurker
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We're back up at $98 again going into the inventories tomorrow. Reminds me of two weeks ago. Will we finally break the figure (and will it be on the number or in anticipation)?
Staying flat for the time being, but will watch the market going into the number tomorrow and may take a view depending on how it reacts. This is quite exciting.
I'm pretty sure if these levels are rejected, we'll see a move down to at least consolidation around $94. Any more Fed intervention and we'll see $105 before long. Only a few trading weeks left in 2007 - I would like crude to hit $102 so laptop could have called a 12 month commodity doubling! Nothing short of amazing.
Staying flat for the time being, but will watch the market going into the number tomorrow and may take a view depending on how it reacts. This is quite exciting.
I'm pretty sure if these levels are rejected, we'll see a move down to at least consolidation around $94. Any more Fed intervention and we'll see $105 before long. Only a few trading weeks left in 2007 - I would like crude to hit $102 so laptop could have called a 12 month commodity doubling! Nothing short of amazing.
I also mentioned Gold will go up and hit $1,000 not yet there though, but its still on. It was trading around $640 at the time of writing😉
http://www.trade2win.com/boards/showthread.php?p=302082#post302082
My call went un-notice on the housing market the summer being the market top. said this in march this year
http://www.trade2win.com/boards/showthread.php?p=319485#post319485
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lurkerlurker
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I said the same thing on that thread - nobody listened to me either. Unfortunately rates didn't hit 6% and people I know haven't ended up in negative equity, but I know a few folk who can't shift their house.
Regarding gold...always a tricky one. Good call on that at the beginning of the year mind.
Commodities in general - I've still got my shares in CED2 - looking to hold that for the six year term. The Close Commodity funds seem to be good little investments although I was a little disappointed with the initial performance. I have my share certificates and I didn't register them through CREST so I'd actually have to do some work to get rid of them, which maybe explains why I've not panicked an exit.
Unfortunately, CED has outperformed CED2 over the last few months as CED2 dropped gold from the basket.
lurkerlurker
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Post-inventories, do you still agree? I'm not terribly sure where to buy, but right now the only stop I see is at $89, so that is too much risk for the time being. I'll wait until price action tells me to go long. I'm still appalled at covering my short so quickly though! I pulled my short in at $93 after it hit support at $92.80. In hindsight this was just another premature cover, however I got my 60 pips.
midnight*trader
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$90 support broken ,could have a nice range to play with maybe down to $80?
TWI
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Crude and Gold will likely decline or be more sideways into Jan08.
Crude has more reason to decline than precious due to demand for tanker frieght suggesting there is additional supply gonna come from middle east. Also the banks were all issuing the bearish to year end forecasts today. So. I expect some side to down but this is temporary.
As for gold, in worst case we see $750 GCG8 but doubt that far. Still expect $900-1000 in new year. This is traditionally weak period for gold due drop in India demand.
Overall stories undented and bull market in energy and precious are still here.
Crude has more reason to decline than precious due to demand for tanker frieght suggesting there is additional supply gonna come from middle east. Also the banks were all issuing the bearish to year end forecasts today. So. I expect some side to down but this is temporary.
As for gold, in worst case we see $750 GCG8 but doubt that far. Still expect $900-1000 in new year. This is traditionally weak period for gold due drop in India demand.
Overall stories undented and bull market in energy and precious are still here.
midnight*trader
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In with a low risk short @8959
