Trading Oil

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rhefter

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Mike Paulenoff of MPTrader.com had this to say about oil yesterday: The US Oil Fund ETF (NYSE: USO) is showing interesting strength today after making a new all-time low this morning. As we speak the USO is pushing against initial key near-term resistance at 29.00, which if hurdled should trigger upside follow-through to test more important resistance at the prior recovery rally peak of 29.50. If such a scenario unfolds, then the confrontation at 29.50 will determine if the USO has established a very significant intermediate-term low. Mike's complete chart analysis on the USO is on his MPTrader.com site under "Markets."
 
rhefter said:
Mike Paulenoff of MPTrader.com had this to say about oil yesterday: The US Oil Fund ETF (NYSE: USO) is showing interesting strength today after making a new all-time low this morning. As we speak the USO is pushing against initial key near-term resistance at 29.00, which if hurdled should trigger upside follow-through to test more important resistance at the prior recovery rally peak of 29.50. If such a scenario unfolds, then the confrontation at 29.50 will determine if the USO has established a very significant intermediate-term low. Mike's complete chart analysis on the USO is on his MPTrader.com site under "Markets."
Click to expand...

I tried Mike P's MPTrader service 15 day trial.

This would be my comment on Mikes ability to pick winners.
"Mike was walking down the road today when a hole 1 ft deep suddenly opened up in front of him.
Mike jumped in the hole and said "Geeee, this hole is accumulating and at in inflexion point! I can see this hole going up to 20 feet!"
Mike was last seen at the bottom of a very deep hole."

No wonder he runs an advisory service, if he was a trader he would be broke!
 
"is showing interesting strength today after making a new all-time low this morning"

The Fail is strong in this method..........
 
Well is not a new all time low is it?
Its the lowest since Feb 2010.
Remember it was only Dec 2008 when it was $37.
Could be due for a bounce but If Thailand really kicks off coupled with Herr Fraulin total twat Merkel's actions, it could go to 70 and even 64$. DOW?DAX etc looking very shaky so i woudl certainly wait, loose a few points until I see it turn with conviction or you might get burnt!

Until I see the Shanghai index turn convincingly Im out as I believe its the 10% + drop in that index that has weighed heavily on oil & hence its drop.
China & US are king when it comes to oil, everyone else is a drop or even 40 million barrels in the ocean!
Cheers BP, Twats.

Mike
B right on
 
Who gains on contagon.Can you really make money trading oil?
Click to expand...

contango represents cost of carry. You can make money by spreading contracts (buy current month, sell future month or vice-versa) when the spread varies significantly from the actual costs or historical spread.

Peter
 
how dare you question the wisdom of the Oracle that is ODT ?????????

a curse upon your tribe !!!


(mind you, he does make even nob_trader look remotely intellectual)
 
I don't trade oil that much, the contango eats into profits.Prefer shorts for contango edge.

I am making around 200 to 300 points a day using this new method.It has drawdown of 1,000 pips and reward of 2,000 points a week on 5 currency pairs ,oil and dax.Need 10,000 points account to make ,100,000 points a year or 1,000 % a year , it is without compounding

Monday 200 points , tuesday no trade , wednesday 340 points on two to three currencies and I think I can do it everyday.I have made it to 1,000 percent a year.
 

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oildaytrader said:
I don't trade oil that much, the contango eats into profits.Prefer shorts for contango edge.

I am making around 200 to 300 points a day using this new method.It has drawdown of 1,000 pips and reward of 2,000 points a week on 5 currency pairs ,oil and dax.Need 10,000 points account to make ,100,000 points a year or 1,000 % a year , it is without compounding

Monday 200 points , tuesday no trade , wednesday 340 points on two to three currencies and I think I can do it everyday.I have made it to 1,000 percent a year.
Click to expand...

Very impressive! care to display any of your setups with charts:?:
 
Is it me or is anyone else not making heads or tails of this??
don't trade oil that much, the contango eats into profits.Prefer shorts for contango edge.
Click to expand...

I am making around 200 to 300 points a day using this new method.It has drawdown of 1,000 pips and reward of 2,000 points a week on 5 currency pairs ,oil and dax
Click to expand...

Pay a premium on longs , so longs can lose some profits.
Click to expand...

Peter
 
Me neither. Then again I did bother to open up a weekly chart today for oil and further concluded that I see nothing to suggest going long right now either, contango or no contango.

Anyway, I'm having a week off so I don't really care.
 
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