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firewalker

Live Commodities Trades

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I am leaving those while I can ....

I did no another couple of quickies netting +65..... too quick to post

 

but yes take the loss springs to mind...

 

Did you stick it out? I lost nearly 250 on oil last week, which was probably the inevitable result of making 750 profit the week before.

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A great trade FW - you'd best start trading commodities then...

 

Thanks.

 

I'm not planning on trading commodities, just thought I'd see what all the fuss was about :) Seems rather volatile indeed!

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A great trade FW - you'd best start trading commodities then...

 

The other half got stopped out at breakeven.

 

We made new highs too yesterday (almost $140 :eek:), but it is starting to look like some distribution...

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no more oil trades since last month?

 

The congestion from June seems to be distribution like I said at that time. However, the first sign doesn't mean the trend is over, and as the trendline was still not broken at that time. Since this week, the steepest line has been broken and we've moved below that huge congestion...

 

So to sum things up, I'd be surprised if we see $150 somewhere in the future, and I think in due time this market will come off.

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Fortunately I changed my stance and decided to wait for it to decisively break out of its up channel before shorting it again. Am short since yesterday looking for sub $120. Have to be vigilant for 'shocks' though - am sure it won't come off in an entirely orderly fashion, but I concur with you in expectations.

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Commodities follow different rules than indices. Often after the top is set, a sharp sell-off occurs, where as in equities there's usually a need for distribution. This is basically what we are seeing in oil.

 

The odds favour price being attracted by $ 112-113. After that a rally should follow, but some time of consolidation is possible. Be interesting to see this turn out.

 

attachment.php?attachmentid=7488&stc=1&d=1218440287

qm_daily.thumb.gif.4a99069bc702b78333057efd5fe0bf1e.gif

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Commodities follow different rules than indices. Often after the top is set, a sharp sell-off occurs, where as in equities there's usually a need for distribution. This is basically what we are seeing in oil.

 

The odds favour price being attracted by $ 112-113. After that a rally should follow, but some time of consolidation is possible. Be interesting to see this turn out.

 

 

And this is what happened next...

Exactly as I said :cool:

 

attachment.php?attachmentid=7502&stc=1&d=1218491515

oil_20080811.thumb.gif.6f0fd32e4f47209498030a8adaf33e0d.gif

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