Friday, May 29, 2009

Buy reco was sent to members today 65.25

Remember that old chestnut"don't fight the tape" just like "the trend is your friend"
these vintage axioms still ring true today as they did so many years ago back in the days of 
"The Curb" where trading took place on the open street.  If you have been trading or following oil this week you can see just how tried and true and reliable these ideas are as it has basically made a straight line from 59.53 to the 66.xx area we stand today. 
Most everyone else seems to be trying to pick the top It is all I have been reading and hearing since 63.xxim glad I did not get sucked in I hope you avoided that noise as well-At what point do they recognize a break out? If  you listened to these experts that somehow got so close to the forest they can no longer see trees you would have found yourself being stopped out again and again and again
even if you were a disciplined trader. Overbought is something to consider but even the greenest of traders
know this indicator can be radically one-sided and still the vehicle will not reverse. 
 If you stayed with me we too took a couple short trades along the way but when it consistently held its ground on the overnight well do you need to be hit with a hammer to forehead to know it would give you a headache. Instead of top picking and let's allow oil to  let us know when this is over we have and hope every member enjoyed an extra 3 points or more. Now you tell me what is the better strategy-I'm shocked at these technicians that usually follow the trends this has moved 7 points straight up if it goes down you could even miss a point and jump on board when the trend does reverse. you will still be far ahead of the game.
 The dollar is getting hit it too is at a key technical level we just bought again at 65.95 we are moving the stop up as we type we see it is beginning to go up we risk nothing now and we are back on the train north
Stopped out for no-loss one more try at buy side 65.70 we will trade the range for the moment 66.40-65.65
We did a number of round trips we told members that did get in on the overnight bargain to buy in on a dip
at 65.20 area=it closed way higher 66.64 you would have made $1440























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