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-   -   WTI Crude Oil Trading (https://www.forexfactory.com/showthread.php?t=294030)

timingchain May 17, 2019 11:33am | Post# 1301

{quote} Didn't take the trade sudden price drop made me suspicious. {image}
I am trying a short on S&P from 2884.25 June contract.

ED. closed +8.50

Ll1979 May 17, 2019 11:52am | Post# 1302

{quote} I am trying a short on S&P from 2884.25 June contract. ED. closed +8.40
Nice trade champ!

What platform do you use to trade futures? This year i would like to start trading futures.

timingchain May 17, 2019 12:38pm | Post# 1303

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{quote} Nice trade champ! What platform do you use to trade futures? This year i would like to start trading futures.
I made the trade off of this M5 chart.

FYI, index contract margins during regular market hours are 100 USD for micro, 500 USD for mini. Fees take a big bite from the micros, but risk is relatively low.

PM
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Ll1979 May 17, 2019 1:46pm | Post# 1304

Inserted Video

Ll1979 May 17, 2019 2:24pm | Post# 1305

United States Baker Hughes US Oil Rig Count dipped from previous 805 to 802

timingchain May 17, 2019 5:10pm | Post# 1306

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WTI May contract H4:

The week included a 200 pip surge after crossings at ~61.6, staying strong until Friday PM.
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timingchain May 17, 2019 5:21pm | Post# 1307

{quote} Nice trade champ! What platform do you use to trade futures? This year i would like to start trading futures.
I should have mentioned that sierra chart has a platform that works with several futures brokers. I have not tried that one and have no involvement with them.

riclater211 May 17, 2019 10:19pm | Post# 1308

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{quote} Hey All, My previous analysis has expired. Its mostly the same but now minor trend lines have strengthened. I placed trade boxes in with what I believe is the potential move possible if/when price breaks this range. At least on the Tech side. As always news can blow any analysis out of the water. With that being said, upside potential is greater when you include all the turmoil going on. If the USA, UAE, Israel & Saudi Arabia continue to antagonize Iran, Iran may decide to shut down or hamper shipments through the Strait of Hormuz in retaliation....
Hey All,

Another week ends with Brent prices getting constrained again. Maybe next week will bring a break.

Have A Great Weekend,

- Ric
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valter May 19, 2019 4:35pm | Post# 1309

Friday couln't follow the market
I would say oil was a failed long set up
What do you think guys?

valter May 19, 2019 5:15pm | Post# 1310

{quote} LOL that made me........................... see you tomorrow.
Wanted to add some things
Used tape and other tools until 2013 or 2014. Later couldn't collect ticks from good data feed.
Turned to MT4 that suited perfectly to my needs.
Now have some calc on excel via DDE that sometimes spit out some numbers that are better for trend start less for resume after retracement.
Some PA reading, some levels.
Rely a lot on intuition hence all the bailing.
I remember that tape on 6E was quite useless in 2013 but never tried on CL.
Never used MP (only VP) but I see that it is a very clever way of trading, with letters PA is directly on the profile.
How do you manage the asian session when PA is normally quite and letters pile up ?

detector May 19, 2019 7:13pm | Post# 1311

Friday couln't follow the market I would say oil was a failed long set up What do you think guys?
Agree, Valter, it's random considering the events, as of Sunday, I have a sell, Friday lined up the mood, however, we have an open that's gaped and the daily showing a buy, and to top it all off, weekly showing a sell, so it's a free for all, answers on a postcard, will be keeping out for now until we reach an accord as jack would say, good luck everyone for this week and hope to see some creative chess, D

uaehawx May 19, 2019 7:36pm | Post# 1312

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BUY WTI NOW Good Luck
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Ll1979 May 20, 2019 12:24am | Post# 1313

WTI: Buyers cheer US Pres. Trump’s comments on Iran, OPEC+ meeting near $63.60

  1. US-Iran tension joins supply-cut scenario to please bulls.
  2. The qualitative catalysts to dominate near-term price momentum.

With the US President Donald Trump going harsh on Iran and the OPEC+ group holding support for further production cuts, WTI is taking the bids near $63.60 during early Monday.

While 14-month low of the US oil rig counts signaled likely energy supply shortage in future, Organization of the Petroleum Exporting Countries (OPEC), Russia and some other non-OPEC oil producers, known as OPEC+ alliance, added further fuel to supply crunch expectations as the group agreed to continue limiting production levels at a Joint Ministerial Monitoring Committee (JMMC) meeting.

Further on the bullish side was the US-Iran tension that has been more serious off-late after the Sky News reported that a “rudimentary rocket” has been fired into the Green Zone near the US Embassy in Baghdad, Iraq.

The US President Trump reacted with fury to this situation by tweeting that if Iran wants to fight, that will be the official end of Iran. Never threaten the United States again! Additionally, Mr. Trump also said in his interview with Fox news channel that he will not let Iran have nuclear weapons.
The black gold reacted well to the fundamentals and rose to the highest levels since May 01.
Given the lack of economic data on the calendar, energy traders may keep concentrating on macros for fresh impulse. Among them, the US-Iran and the US-China news headlines may grab more attention.

Technical Analysis
Sustained trading above $62.50 enables the buyers to aim for $64.70/80 resistance-area ahead of questioning $65.70 and April highs near $66.60.
On the downside break of $62.50, 50-day simple moving average (SMA) near $61.90 and $60.70 may entertain short-term sellers.


Ll1979 May 20, 2019 12:27am | Post# 1314

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Price is still hoovering around Daily fib 61.8, FIB extension + upper band channel.
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Marco-Kanto May 20, 2019 7:41am | Post# 1315

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Inverse H&S may be in play. 64.50 target. Bigger target 64.80.
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valter May 20, 2019 8:40am | Post# 1316

wti cfd took a long @61.70, sl@61.55 will evaluate

sponge May 20, 2019 8:47am | Post# 1317

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Limited upside I think, I'm not sure if we are bear but below 63 could start a rout

Got lucky this morning
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valter May 20, 2019 9:05am | Post# 1318

wti cfd took a long @61.70, sl@61.55 will evaluate
out@62.48

sponge May 20, 2019 9:18am | Post# 1319

My charts on MT4 show a gap up from Friday close 62.87 - 63.51 ?

My thinking - gapped up on the open with volume (Friday) could be selling

I'd change this view over Friday pivot

Ll1979 May 20, 2019 9:49am | Post# 1320

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another meeting another missed opportunity trading DOW

fib + camarilla H3 would have been nice entry
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