Reading all the news posts, it could be poss that your $160 SL could get sucked up by next week as they are saying $150 by the end of today once the Euro report comes out.
Dear o dear...
I am sure the old hands are finding this whole thread somewhat amusing. I especially liked the 'margin' explanation.
For those who are new to oil, please for the sake of your account, take care. This is a wild market at the moment and can chew you up in a heartbeat.
No offence to Spanish, but I would do your own research, rather than follow anyone's 'tips'.
Oil has $150 written all over it at present, thus, my own view is long with reasonable stops. It doesn't seem to matter what bearish sentiment gets thrown at it, the bulls are in charge. If nothing else, I think the market will almost will itself to the 150 mark.
I don't care what anyone says, this is not about supply and demand anymore, it is pure speculation. How can you make the argument that the fundamentals have changed so much this year to support a 50% uptick in crude?
Anyhow, for those not used to crude, take my advice and dont get sucked into a market, just because of the current high vol.
Yep i read all those exact same news articles, constant live stream to bloomberg, and spent most the night till 6am researching it mate....
And look what happend though...!
These are meant to be the top traders in the world writing this news and forecast...,
but look how they cocked this 1 up!
I lost so much today cos i also believed those news and went long £2 tick on the crude daily.
But trichet announced it in taht funny sorta way that made everyone think theres no more rate hikes, and as a result dollars rising.
Were you not using you high SL method today?
You can't win them all!
I'm still in for the long currently down but i still think it will get there (eventually)
I realise that, but all it takes is a Middle Eastern country to invade another and boom the cost of oil rockets again, and with the current economic situation i wouldn't put that past them, trust me i have been out there and seen the countries and the way things happen, they don't beat around the bush.