Posts by "qiman"

Every opinion that is out there is just a trading idea to be carefully considered, including mine! Even some of the best traders are doing well when they win on 55% of their trades, we are only dealing with Probabilities, not certainties. Most trades lose money because humans have a hard time dealing with so much uncertainty. and do the opposite of what they need to do over and over again--cut losses short decisively, and have the patience to let your winners run. Without this one is doomed.

It certainly is near a major restance level, but since I could see it going up another dollar or more, I will wait until the chart shows either a clear reversal, or even a break through the resistance. If you can risk a dollar or two per contract as implied, then it may turn out well for you. Good luck!

I personally wont short CL yet at this current price level, suspect it is going to test to the top of its recent range today or tommorow, and then it might have some profit taking. I may go long for a nice bit of cash as it moves off its moving average for a short bit. Cl seems to be acting a bit funny to me, like it could break its most recent highs despite no real fundamentals supporting such a move, we will see . . .

Yes, I agree Ashraf, was thinking only of small pip down moves intraday in conjuction with overall risk moves, should've clarified. Friday could bring just about anything . . .

Finance experts call for 'Tobin tax' on foreign exchange trades
An international group of finance experts including the boss of the UK's main chartered accountancy body, have criticised plans for bank taxes put forward by governments and the International Monetary Fund in favour of reviving the idea of a "Tobin tax" on foreign exchange trades.

The global tax could raise $33bn (21.5bn) to fund development projects and bring nations together in a single effort to combat poverty rather than create divisions through competing bank taxes, the report said.

The report by the Leading Group, commissioned by 12 governments including the previous Labour administration, follows calls by Lord Turner for a tax on bank currency transactions to "throw sand in the wheels" of the banking system to discourage "socially useless" trading activities.

It said a tax on foreign exchange deals, which would cost an extra 0.005% on each trade, was simple and mimicked existing arrangements. About 95% of foreign exchange transactions between banks are already processed via a single computer system (CLS Bank), which collects a transaction fee of 22 cents per $1m traded. http://www.guardian.co.uk/business/2010/jul/18/tobin-tax-financial-transactions