I think this is a good opportunity to buy oil after the huge drop within a very short period of time. In my view the drop is not due to fundamental, it is market overreacting to Ben Bernanke's speech.
Bought 1 lot of supermini oil at 138.56
Stop level at 134.50
Target level at 144.10
Value of 1 point is US$100
If you would like to open a trading platform that allows you to trade supermini oil contract, click here.
9 comments:
heard rumours that US is going to pass a bill to force traders to take delivery of oil tonight, have your heard anything like that?
No, I didnt.
I think US inventory data will be critical for oil price tonight.
In my view, wherever is the bad news, oil price had already fell US$10, then slowly rebound.
Buying oil now justify the risk/rewards, esp when oil is trading near the bottom of the range.
Just place a stop below the range, you will be fine.
Nobody can predict where the market is going.
If you think normal Nymex oil contract is too huge for your risk appetite, then trade supermini oil contract.
See here: http://www.forexyard.com/en/?zone_id=1624
Value of $1 is only US$100. Meaning if you bought oil at 138.36and place a stop at 134.36. Your maximum loss is only US$400.
thank brendan, i am on forexyard and yes i am in at 138.2
Good luck subzero. Did you open Forexyard account from my website?
I went long today at 136.31 with stop at 134.50 > as I can afford the risk of $180 > so let's see how it goes today :)
Thanks Brendan.
Yes as long as you had placed a stop at 134.50, that will be fine.
I got out at 137.25 before the news and closed my silver trade to offset the same.........net profit from the overall trade.....
Would be interesting to know if your buy indicator has signalled buy now > may be at 130 level which is the next support.....
Good good, but I had lost in both in the oil trade.
Getting nearer to oil buy signal, but not yet.
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