I learned a wonderful thing here today: Hedging. This is the best method for reducing those losing profits. I don't know enough of it to go crazy with it, but it does seem like a great way to put a safety net over your capital in case of a losing trade.
I'm also fooling around with a new resistance and support method called MIDAS. Developed by a pysicist named Paul Levine it uses Volume Weighted Average Pricing (VWAP) to determine support and resistance lines that curve (that's the skinny of it). So far it's not too bad. It doesn't get it right all the time, and the indicator I have you have to manually put in the date and time of the high and low points (I know I'm little lazy on that, but it would save me time to have those support/resistance lines displayed automatically). But all in all it's pretty good. When I say "it doesn't get it right all the time", I mean that the price can go through the support/resistance lines, but it DOES stop ABOUT that given line... so yeah, not too bad.
So, I have a prediction today:
Light, Sweet Crude Oil Future for July will be going to a price of, roughly, 96. I can give you a more presice guess, but I can garuntee that it'll be wrong. Not to bring myself down or anything, I know that it'll never be bang on. So yeah, here you go: 96.20
Major support at 91.49, Minor Support 1 at 92.87, Minor Support 2 at 93.24
Major resistance at 96.68, Minor Resistance 1 at 96.18, Minor Resistance 2 at 95.77
