OK so I'm trading oil today, I only ever trade the news with oil. What I do is wait until the crude oil inventory data is released from the US then I look for supply and demand areas when price starts moving with the news release I watch until it reaches a S/D area then place my trade at market betting the opposite direction as long as that dorection is confirmed by the news. If the US post less oil than they anticipated having you can bet a pound to a pinch of salt the price of oil is gonna go UP and the revers is true, if they have more oil than they thought they'd have price usually goes down. Now with all the trouble in Lybia market sentiment seems to be overwhelmingly bullish on oil. Therefore I'm a little wary about going short on the black gold.
I won't post my trade on here as a trade but I will update this blog with the results of my news scalp.
OK so I entered short after price failed to reach the supply area I had identified, the news was better than expected so I expect oil to drop in price a little.
<:bookmark>
As you can see I'm in profit now. I've moved my stop to a 5 pip win and set a 50 pip trailing stop. I've set my TP as $100.00 but I think that is very optimistic even though oil moves VERY fast. I plan to close whatever the price at 1730 GMT when I finish work.
OK so I exited at 1655 GMT with a profit of 81 pips. Nice huh?
On Thursday March 10th, 2011 at 03:51AM by kiloandstitch - Like - 0 People
On Thursday March 10th, 2011 at 07:25AM by colstreamer - Like - 0 People
Leave A Comment
Please sign in to comment.