Crude Crude Crude

[ajtaylor]

That was mearly one of the points in my thinking oil will go up, maybe it is just me but these things play a part when i make my decisions to buy or sell!

As for profiting for a war, think what you like. You will never stop these things happening and to be fair its pretty much all over oil anyway.

Control of oil fields = £$£$£$£$£

 

[MrGecko]

So your basing your profit target on there being a war?!! :-0twisted:

Even though its not unlikely to happen, it is just so unethical n possibly even technically illegal actually since eyour going to be profiting from war!!

And you call yourself an Oil Trader?!

 

[spanish89]

That was mearly one of the points in my thinking oil will go up,

As for profiting for a war, think what you like. You will never stop these things happening and to be fair its pretty much all over oil anyway.

Control of oil fields = £$£$£$£$£

I wasn't saying i wont do the same when i smell a war coming mate.. :whistling

Merely commenting on the unethicalness of it.


But i don't have any ethics when it comes to money and trading!! :cheesy:

 

[ajtaylor]

I totally agree it is unethical, but you have to face facts these things wether they have or are looking like they might evolve, do play a role in my trading decisions.

 

[ajtaylor]

Just a quick one, with oil as it is what sort of SL should i be working with as some people like to use their entire account as one (no names mentioned) and others use incrediable tight ones

would i be right in thinking that around 5% of my trade would be about right?

Could someone please point me in the general direction.

Cheers
Andy

 

[TWI]

I think it is pretty pointless debating the fundamentals of the oil market, there are many professionals out there who will know what is going on before anybody on these boards, including people like me who pays £££ for Bloomberg and Reuters and are constantly on IM to brokers. The main thing is to get into a trade one way or the other and know your way out of it through stop loss or profit target. Do not base your stop on % of account, rather find your stop by looking at a chart, in a sensible place such as below the weekly low or 3 day low or rsi/stoch trigger or whatever it is you use (I suggest on an hourly close to avoid getting spiked out, although need a backstop incase of total collapse too) and from that stop determine how many lots to buy so you risk the % you are prepared to. Once you have established this then just ride out the trade. You should have figured the entire thing out before entering the trade in the first place before you take the risk on. You must understand that you have this the wrong way around so in future I urge you to use what I advise above.
Each trade is just a probability and being long oil here is actually the higher probability option as the buying on dips demonstrates. The important thing now is to stay in the trade while the buyers still appear and to know when you are wrong. IMO the way to trade oil right now is to wait for the dips not the strength and buy into the sell-offs. As for % risk per trade, that is a personal choice but I would suggest you are honest with yourself about how you survive and continue as a trader should you have 10 losers in a row. If you are happy that this will not take you out for good psychologically or financially then you have the risk about right.
Good trading to all.

 

[ajtaylor]

That was another one of my questions, do you guys/girls use any software to help i.e ones that can assist with entry/exit points or up coming trends?

I have read a few articals on different products i know no no product is 100% profitable it would be daft to think so.

But if you do what are they like, and have you found them invaluable to your trading?

Andy

 

[spanish89]

Ooooh just wokeup 1hour ago, and had a nice amil form someone who follows my calls thanking me for making them £150 today as i calle dthe oil pullback, and its started today.

(Although only just started of about $1 n half dollars back)


But looks like i was right again..

 

[spanish89]

AJ are you still holding your long??

And where did you enter please mate??

 

[Greg8501]

Spanish,

I have spoken to our European Head of Commodities Trading...he is interested...expect a call soon.

Awesome baby!

 

[ajtaylor]

Hi spanish, i sold off my long this mornig first thing at 146.31, i then held off till i got into work at which point i'm glad i did as it did start to pull back maybe not to the £137/8 mark as you first predicted.

I then bought in later this afternoon at 144.90 so currently £30 down give or take but still holding for the long.

Aj

 

[spanish89]

The pullback barely started though mate cos no1s trading today.

Euro going to break 5700 and fall lower also, but from next week there will be more pullback.

 

[ajtaylor]

I am keeping my faith..

 

[spanish89]

Spot FX EUR/USD (04-JUL-08)


Worth a look mate...

 

[welshandy1]

Hey people, any thoughts on which way crude is going to go Monday/early this week? I know Spanish will say down ;-) Is anyone going with an Up market?

cheers!

 

[spanish89]

Hey people, any thoughts on which way crude is going to go Monday/early this week? I know Spanish will say down ;-) Is anyone going with an Up market?

cheers!

What do you personally think it will do??

 

[welshandy1]

What do you personally think it will do??

Im hoping UP, but thinking DOWN...

How low do you think its going to go...? Guess it partly depends on whether the G8 comes up with any action for the weak dollar. Its going to be an "interesting" week I think!

cheers

 

[spanish89]

Im hoping UP, but thinking DOWN...

How low do you think its going to go...? Guess it partly depends on whether the G8 comes up with any action for the weak dollar. Its going to be an "interesting" week I think!

cheers

I stick by my prediction that we will be seeing 137/8 before we see 152. :cheesy:

Like i said before, 150 is no different to any other number.
We as humans think of it as a solid sturdy number.., but at end of the day its just a numerical measurement, not a magnet. :cheesy:



Oh and btw Aj can i just ask if your still holding your long and keeping the faith?? :|
Im not trying to be patronising or anything man, its just oils now down 70ticks from your entery level, and the traders havent even started trading it yet.

+ the eur has fallen through the 700 support, and is now at 26, and doenst really have anything there thats going to stop it falling a few 100 more...

 

[spanish89]

The pullback barely started though mate cos no1s trading today.

Euro going to break 5700 and fall lower also, but from next week there will be more pullback.

Looks like the Spanish stallion was correct again, even agaisnt all the heavy critism and anti-spanish vibe and comments on this site, it looks like my call was correct and successful AGAIN!! :cheesy::cheesy:

 

[spanish89]

Dear deary me...

Oil just breached the 144, and gone below.