More oil points! I entered the trade at 65.70 and closed on 96 for 26 points. It was hovering around the 66.00 at my dreaded 00 levels.I don't usually mess around with Resistance and support at 00 levels, so took the profits.
Was up 10 points on ftse and got greedy. I now use two strategies and should have got 10, then been back the opposite direction for another 10 pips.
Unfortunately listening to bloomberg can affect your trade. All sectors were up and I was convinced ftse would go long, big time!
So I broke the golden rule of trading (Don't change your exit strategy) and looked for 20 points on ftse! Not good, got out at break even!
Oil was top performing strategy this week. The one loss I had was due to the housing news which made it plummet on Wednesday.
The trade was a long one and I would normally have been out 30 minutes before the news. But bottom line, I wasn't and the affect was more than it should have been on that announcement!
Ftse has been a bit sideways using the strategy, so not played it much this week. I missed a lot of FX pips due to ftse and many announcements.
Market Summary
The market had a buoyant week, Green shoots as they are calling it. Lots of gains across the board. Oil prediction 70 - 75 dollars in opec meeting this week, long term trendies are probably thinking of taking profit now. Also Cable is at the highest level since November.
Have a great weekend!
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