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-   -   Trading Crude Oil with price action + indicator (https://www.forexfactory.com/showthread.php?t=433042)

mahk90 Jun 17, 2013 10:24pm | Post# 1

Trading Crude Oil with price action + indicator
 
Hi all,

i'm going through my fair share of sleepless nights in trying to be a competent trader.

is anyone having any luck trading crude oil using price action but with an indicator to help confirm entries and exits.

Thanks in Advance

MAHK

mystic Jun 18, 2013 2:16am | Post# 2

Crude is hard to trade is some ways, but easy in others. It does form strong trends, that last for several hours, so you can catch a good part of the swing.

So far I've not found the secret of trading it profitably in practice, but a lot of the problem is that I am not awake for the US session and that is where prices move the most (Usually in the opposite direction to my trades!!)

A simple moving average is all you really need, although I use ALF from Lou G's ALF thread.

shax Jun 18, 2013 6:04am | Post# 3

Hello,

Oil is really acting weirder by the day, when Gold was falling oil went down with it, When stocks rallied it started rallying with it.
these days it is rallying as they claim the demand in summer time is higher in the asia and middle eastern countries due to which
the prices rise. OPEC wants a $100 wti- so that means brent should be around somwhere 107-108.. You can be a scalper of oil only if you
do not trade in the US session, that is because the movement is very strong in the US session, and if you miss out the right buy, sell
then you are likely to wait for a good hour or 2 for it to come back to the position you traded at. ASIA and European sessions would always be helpful as oil stays in the 1$ range 80% of the time. so you can have your luck. Also I am using RSI with value of 3 instead 14, which helps alot
when the market is slow follow the RSI valued at 3 with 15M-30M chart window and scalpe when there is lesser volatility that way you can even
put in big positions as your just aiming for 15-20points. and you can do that on hourly basis. Do not try to stick in a long position as it is really volatile these days. Wait for it to go 100.40-105 at leact before going long on Sell.


Regards
SHax.

mystic Jun 18, 2013 7:49am | Post# 4

Thanks for your suggestions shax. I will try setting my charts like that tomorrow and see how it looks.

mahk90 Jun 18, 2013 12:09pm | Post# 5

Crude gives opportunities for 100-200 pips nearly everyday

But my problem is I enter or exit trades a bit late

Price action is the way but I'm looking for an indicator to help confirm entries as I keep procrastinating on my trades and end up missing them and the ones that I take, fail....

shax Jun 18, 2013 12:39pm | Post# 6

you are right Mahk90 oil moves around $1-$1.5 on daily basis on average , and 2-2.5$ when oil investory DATA comes.

We all do miss alot of trades thinking it should come to are ideal price and then our greed comes in and we wait for it to come down or up and bit more before we put our trades. Ive personally missed many many good trades that way, and the only thing ive learned is not to try to put in the
Perfect trade because we would likely to miss it. the best thing is wait for it to cover its daily range which is 1-1.25$ and then put in your trade.
these days after touching 98. it has really really slowed, Really hard to even scalp with it as it just moves in 15-25point range. Dow on the other hand is doing the same. I big volume on the up comes it goes higher and then the volume disappears and the market is dead for a good 2-3hours. and some action in the final hour.


Regards
Shax

Loola Jun 20, 2013 5:40pm | Post# 7

Thanks for the tip Shax, i've just reset my RSI as suggested,lets see how it goes. Am looking forward to learning a lot from you guys since i prefare trading crude to currency pairs.

noforex Jun 21, 2013 7:17am | Post# 8

My observation goes closely with Shax. I have now set it to follow this advise. lets see how rewarding is the suggestion.

slimpippins Jun 25, 2013 8:46am | Post# 9

Hi guys, can I inquire what instrument you guys trade, is it WTI? & what platform do you guys trade it with?

Im with GFT, and am interested in trading their WTI cfd, but their charts only go back to Nov 2008. This is inadequate for my style of trading.

shax Jun 27, 2013 5:50am | Post# 10

hello Slimpippins,

I trade WTI-CFD and also Brent Oil. and use MT4 platform, Ive also tried the vertex software but it was too slow and of no use.
and if you want to see charts more then 5 years then you can go to stockcharts.com, oilngold.com. they would tell you future forecasts
and also help you in which indicators to use. but these past few months its range bound so looking at 5-10year charts would not be that helpful unless it breaks on the upside or downside.


Regards
Shax

txfxtrader Jun 29, 2013 5:36pm | Post# 11

1 Attachment(s)
Opened a demo calander spread on WTI. Looking to exit somewhere in the middle.
Click to Enlarge

Name: GCLQ3_-_GCLZ3_spread.png
Size: 9 KB

shax Jul 2, 2013 8:45pm | Post# 12

Boy o Boy,

serious manupilation is going on right now in Oil trading, has anyone seen the pre-market open of WTI how fast it went straight up a $ to
100.60, They are just wiping out the retail traders right now. Stocks go up, Oil goes up, Gold goes up Oil goes up, US production rises Oil goes up, Unrest in Egypt Oil goes up, Iran has problems Oil goes up. IS everything in the world linked to WTI? This is just funny and weird.

It falls insane and recovers even more insanely!! For first time in Years the Gap of WTI - Brent Narrowed to almost under $4. there is some
right oil manupilation going on. Rumour has it they suspect WTI to reach 105+. Insane!


Shax.

don555 Aug 14, 2013 11:19am | Post# 13

What is the best way trade nymex on a 15minute chart any help would be appreciated.

I do not use M4 , I also think large moves can be caught by using ema crossovers and divergence.

Anyone interested ?

Mian1 Aug 15, 2013 12:35pm | Post# 14

1 Attachment(s)
hi don555
best you trade on 1hour chart.i trade on i hour chart and less risk . AND BEST NOT TRADE ON NEWS OR DATA.
IF YOU WANT PROFIT TRADE ON TECHNICAL.
Click to Enlarge

Name: crude.png
Size: 88 KB

ghpk Aug 18, 2013 4:03pm | Post# 15

1 Attachment(s)
I've spent 2+ years in learning to trade on WTI, however its something which hits you real hard usually when "economic data" or relative news are
released, I do trade on demo account however I don't trade much on it, I follow the same pattern on Live account.

However even a expert can look Newbie, based on impact of data or news with the magnitude crude oil reacts to it.
Like currently everything is against the +ve trend but due to "Egypt Tension" it had build up so much support near 104-106 and
its looking hard to slice thru it.


There are too many factors to make you Bald in OIL Trading.

Attached few recent trades, sorted with profits, will post back more details once I am confident on my strategies.

Click to Enlarge

Name: CL.JPG
Size: 48 KB

don555 Aug 19, 2013 6:36am | Post# 16

hi don555 best you trade on 1hour chart.i trade on i hour chart and less risk . AND BEST NOT TRADE ON NEWS OR DATA. IF YOU WANT PROFIT TRADE ON TECHNICAL. {image}

Mian am I not better to trade of a 15 min chart if it is showing divergence

don555 Aug 25, 2013 4:33pm | Post# 17

what is the best sma to use on a 1 hr chart for guaranteed profits ?

inpatient Aug 25, 2013 11:00pm | Post# 18

what is the best sma to use on a 1 hr chart for guaranteed profits ?
Oil more than anything is driven by news and IMO SMA or any other indicators for oil are almost useless.

Oil is ripe for trading in channels and it is just a case of recognizing where the S and D points are at any given time.

Waqasahmed35 Aug 29, 2013 10:04am | Post# 19

attack on syria cam move crude oil upto $150

don555 Aug 29, 2013 11:05am | Post# 20

{quote} Oil more than anything is driven by news and IMO SMA or any other indicators for oil are almost useless. Oil is ripe for trading in channels and it is just a case of recognizing where the S and D points are at any given time.


Can you please tell me what IMO means ?


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