Posts Tagged oil trading
There was a fantastic move today on the Crude Oil market. I had an order 5 points above the resistance line and when it broke, it just flew. I only managed to take 100 points but the market has shot up to 8922, that's a huge 170 odd points move so far!
What you'll find with oil is when you get these sort of moves, they are huge and you can expect a few hundred points. I'm sure the price actionwill take us higher now that the price action is also above the 20 day Moving Average on the Daily Ch
September 7, 2011
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If you study stock price patterns, no doubt you would have come across the W or M pattern. These are also double bottom or double top patterns and signify potential reversals in the underlying asset class.
If you want to read more, there's a nice article on Investopedia:
http://www.investopedia.com/university/charts/charts4.asp#axzz1WgQnxMpY
Anyway, these patterns can persist in all timeframes and I saw and traded oil with it last night.
You can see that oil price made a W (outli
September 1, 2011
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I wanted to put this post up to remind myself of a lesson which I seem to have forgotten and cost me today and that is... "ensuring that your stop is in the right place"
To be honest, I got a bit lazy and have been putting stops with my orders with no real analysis as to where they should be. I know some people and some of the systems that I use do have a fixed stop limits but this way of trading for me involves putting in stops in the correct place.
A stop is your 'yes, I am definately wr
August 30, 2011
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