Long US Crude @ 82.77

I'd like to make these posts at the time of dealing but there's no time really. Anyway, I've been looking to go long on US Crude as I reckon that 78USD to 85USD is going to be the value for the foreseable future. Last night was tempted to buy, but managed to resist the urge and my patience was paid off by a 200 point overnight drop. I gamely pressed the BUY button and was rewarded with an immediate 40 point fall. Ha!. However, US Crude is a very volatile commodity so I made sure of a large enough stop (Capital Spreads default is 400 points which is about right) Basically I was willing to see it drop a fair way and hang on for several days.
As luck would have it, and believe me you can read all the news you want and look at all the charts but there's a lot of luck involved, buyers (more like speculators) returned and pushed the price up. Possibly because of something like a Spanish bailout. US Crude may slip to 78 but I'd be surprised if it went lower due to the amount of speculation that goes on and the untrustworthiness of banks like Goldman Sachs and co who are saying that commodities will collapse whilst at the same time advising their rich clients to buy commodities.
Anyway, with all my plans to continue to hold on to oil for the foresable future I just had to bank the 180 point gain I saw this evening. My rule is if you have a gain that is equal to 10% of your account value then bank it. In a similar way to how I used to play online poker if I doubled my stack I would leave the table. I felt this method slowly accrued a good bankroll.



P/L +177