Well, I was happy I closed my short going into the EIA as the bulls got over excited. At 10:33 AM I read the EIA report, decided it was crap and went short. Doing So, my balance increased %700 from last Monday. Don’t be deluded, I have lost enough for me to have bought a new iPhone or Samsung. I have returned my balance to last Monday’s amount and withdrew the gain 
From here on out, that is how I roll. In a few days I will see some of my lost money back. Forex is a journey, pace yourself. The market is not going anywhere. No position at the moment, currently assessing the market.
Once again I am happy I took a breather. Alberta wildfires are shutting down pipelines and halting oil sand production. That should make bulls very very happy. So yeah, all aboard I flipped to being a bull because of. I will see if I hit my PT 
Conspiracy? Maybe the fires were deliberately set, to stop oil production and stop the pipelines from pumping. What will that do to the inventory build? Depends on how long this halt is and what amount not being produced and shipped I guess.
The trend is up, bulls were look for anything and everything to keep the trend going that way. They may have got their wish, Hello $50.
I trade like a politician :29:
I couldn’t stay long, it was bothering me. I got out with a %10 account balance gain. I will decide tomorrow on what to do short, long, nothing.
I should have stayed long, I ended up being margined out on my short. My account is in limp mode now. At least I withdrew some cash. Hopefully, I can snowball what I have or else I will be back to demo trading until I feel like depositing money.
Crippled, I will have to redeposit when I feel like it. For now demo trading. Iran has shale oil too, what is that going to do for the glut?
If oil keeps dropping I will have enough margin to make an entry with my crippled balance. Chip and a chair is all you need.
API numbers are crap, actually beyond crap. That hasn’t stopped oil from being pushed up, let’s see what the night does.
EIA report wasn’t bad, a lot of pluses. Enough to maybe get to $50. I entered, long and netted a 20% balance increase. Entered Again Long, let me see if I survive the night with my margin or not.
Target $48 with my Forex Broker, $47.50 cme quote. Greed style trading, If I am not margined out overnight and this starts to move towards the target I will lock in the gain and initialize a larger position to utilize my margin. I trade in a way that direction has to be right or I am done like dinner.
My Account Balance increased 120%, I over extended myself and was margined out to 1/4 of my original account balance. However, I managed to claw my balance to the starting amount. At the moment I have a long position, if successful my account balance will be up 30%. $49 plus possible with Equidistant Channel in play.
I am not margined out and the market is not really doing anything? Well, this is where the Forex swaps will begin to eat away at your position. Everyday you hold a position they stick it to you with swaps, that is over and beyond the difference between the cme quote and the price with your forex broker (not constant, it changes) Thinking of using indicators relying on forex broker data, is that wise? There is only one way to trade oil, get the direction right and don’t over margin yourself to where you fall prey to the forex broker.
The difference between the CME and Forex broker is starting to narrow, when the market was trending the difference was almost a $1.00 (HUGE!!!) now it’s starting to move towards (0.50). I have seen the difference as low as 0.10 cents between the CME and the Forex broker. Yes to be fair, the data on the CME website is delayed by 10 min, and the Forex broker is quoting at possibly current pricing, but a $1.00!! Seriously?? What is my point? MARGIN MARGIN MARGIN. Narrowing and Widening that difference can be the kicking you into a position (indicators) or kicking you out of a position (margin).
Yes I am the dumb money (not the end user of the commodity). I can trade up to 10000 barrels of oil with the broker. Hard to imagine trading that amount and the money involved. One day… AND AGGRESSIVELY with Maximum leverage. ;). Everyone has to have a dream.
Perhaps trading 10000 barrels is not really a dream. With 100:1 leverage, I can boost that to 500:1. With that kind of leverage, if I get a good run of successful trades I could catapult myself into position to trade 10000 barrels.
As per my previous post griping on the swaps, sure enough I have been dinged with swaps making my long entry that more of a pain. Forex brokers is good to learn and hone trading techniques, when you truly become a winning trader, a futures broker may have to be looked at. Get rid of the middle man! I will keep tossing money at my broker, even if I feel like my trades are being milked for mostly their gain. If you become successful trading through Forex brokers, you will be really success trading directly in the futures market. The great thing about Forex brokers, there is no shortage of them. Start out with a demo account, don’t be pressured into real money deposits until you are satisfied the platform/service they provide is going to work for you. I won’t comment on past and current forex brokers I have dealt with. Don’t believe you need to deposit huge amounts, some have no minimums, others have a $200 USD starting balance.
My long trade actually worked out minus the thieving swaps. After exiting, I re-entered, hit my tp, exited and re-entered again. The move, stalled. Before the end of the day, I exited to avoid the thieving swaps. I know there will be a dip tonight, at that point I will re-enter. I managed to increase my account balance by %60 from my starting balance last week. I am going to do some analysis to determine some entry points and exit points. I am trying to become a skilled trader with assessing direction, entry and exit. The trend is up and a moving towards 50 plus, I will assess some pullback support points and set and pending order.
I don’t think it’s good to enter until the Frankfurt/London session. Wait and see what they are up to and what the run of news is going to be (positive or negative). The fact is we are at an inflection point, this a Sell point or an entry for to the next resistance level. I have to get the direction right or my account will be crippled.