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About oil trading

  • #1
  • First Post: May 23, 2008 2:27pm May 23, 2008 2:27pm
Just sitting here wondering, if oil is priced in USD then why isn't the dollar going up as oil is going up, seems to me that if other countries have to convert their currency to the USD then that should drive demand for the USD, instead it is the reverse. any ideas on this?
  • #2
  • May 23, 2008 3:00pm May 23, 2008 3:00pm
Quoting sarchin
Just sitting here wondering, if oil is priced in USD then why isn't the dollar going up as oil is going up, seems to me that if other countries have to convert their currency to the USD then that should drive demand for the USD, instead it is the reverse. any ideas on this?
It's oil/USD.

As non-USD countries are paying more dollars for a barrel, they can use a weaker-then-their-currencies dollar to work as hedging.

Here in Brazil, gas prices are unchanged for 2 years, coz as "OIL/USD" is going up, USD/BRL is going down.

  • #3
  • Edited 3:08pm May 23, 2008 3:06pm | Edited 3:08pm
i see, good point, I can see that on the investing side how that works and I do use it to my advantage in my trading. what I was wondering is what about all the oil that is actually being bought and sold. if the demand is increasing then more oil is being bought and the demand for the USD should be increasing, and the value of the USD should be going up right? I'm thinking OPEC and other oil producing countries are laughing their butts off as they haul their cash to the bank in dump trucks while the US digs ourselves into a super deep hole
  • #4
  • Aug 20, 2008 12:20pm Aug 20, 2008 12:20pm
What is the symbol for oil in metatrader? or is'nt there one?
  • #5
  • Aug 20, 2008 12:33pm Aug 20, 2008 12:33pm
Quoting rosssurf
What is the symbol for oil in metatrader? or is'nt there one?
WHC Trader MT4 broker

Oil symbol: QM
Trade what you see, not what you think.
  • #6
  • Aug 20, 2008 12:36pm Aug 20, 2008 12:36pm
Thanks karmo. By the way I watch for your opinion here more than anyone elses. I just longed EU at 1.4747. I hope it goes up.
  • #7
  • Aug 20, 2008 12:37pm Aug 20, 2008 12:37pm
Quoting rosssurf
Thanks karmo. By the way I watch for your opinion here more than anyone elses. I just longed EU at 1.4747. I hope it goes up.
Np rosssurf

Good luck with the EU trade
Trade what you see, not what you think.
  • #8
  • Aug 20, 2008 12:38pm Aug 20, 2008 12:38pm
Karmo I go to File , then to new chart..but I do not see QM anywhere? I do not see it under forexes , indexes or CFD? where do i find that symbol?
Thanks in advance
  • #9
  • Aug 20, 2008 12:39pm Aug 20, 2008 12:39pm
Quoting rosssurf
Karmo I go to File , then to new chart..but I do not see QM anywhere? I do not see it under forexes , indexes or CFD? where do i find that symbol?
Thanks in advance
Are you using WHC trader?
Trade what you see, not what you think.
  • #10
  • Aug 20, 2008 12:41pm Aug 20, 2008 12:41pm
I must admit I do not know what WHC is. I am using Metatrader 4
  • #11
  • Aug 20, 2008 12:42pm Aug 20, 2008 12:42pm
Quoting rosssurf
I must admit I do not know what WHC is. I am using Metatrader 4
MT4 might not have Oil in it's platform

WHC is a broker which uses MT4 charting as well, they have oil, gold, currencies, indicies, and so much more.
Trade what you see, not what you think.
  • #12
  • Aug 20, 2008 12:43pm Aug 20, 2008 12:43pm
Oh! Ok Thanks for your help. Good trading to you!
  • #13
  • Edited 7:40am Sep 16, 2008 7:28am | Edited 7:40am
Hi,

I'm new with trading Oil. I noticed that my broker (Windsor) has two different instrument which is LIGHT SWEET CRUDE OIL OCT and LIGHT SWEET CRUDE OIL NOV.
Can anyone tell me what are the difference with the two instruments? Why do they have OCT and NOV?

Which instrument do you trade? OCT or NOV?

Thank you in advance.
"Invest With The Insiders, Not The Masses" George Muzea
  • #14
  • Sep 16, 2008 9:36am Sep 16, 2008 9:36am
Futures are traded in contract months.
With oil the nearest month to trade is the next month ie in September you can trade October as September has expired.
The nearest contract expires though around the 20th of the month (in Oct case it is the 18th),so if you are day trading you could trade either but if you are letting the trade run for a few days trade Nov

Got to www.nymex.com ....education /down loadable materials for info on futures
The greatest enemy of a good plan is the dream of a perfect plan.
  • #15
  • Sep 16, 2008 9:43am Sep 16, 2008 9:43am
Quoting steve10%
Futures are traded in contract months.
With oil the nearest month to trade is the next month ie in September you can trade October as September has expired.
The nearest contract expires though around the 20th of the month (in Oct case it is the 18th),so if you are day trading you could trade either but if you are letting the trade run for a few days trade Nov

Got to www.nymex.com ....education /down loadable materials for info on futures
Thanks Steve for your reply. I really appreciate.
Yes i'm a day trader. I just started to learn to trade oil.
Do you know any website when can i learn about futures,oil?
"Invest With The Insiders, Not The Masses" George Muzea
  • #16
  • Sep 16, 2008 1:01pm Sep 16, 2008 1:01pm
The nymex link has info on oil futures

If you go to www.cmegroup.com then in the search box type "An introduction to futures and options"
That is a book on futures which might help but it isn't specifically about oil

Also go to www.cbot.com and look in the education area.

Basically most exchange websites have free info on them.

I dont know anywhere were there is oil strategies though
The greatest enemy of a good plan is the dream of a perfect plan.
  • #17
  • Mar 15, 2010 5:36am Mar 15, 2010 5:36am
Hi Traders,

US clocks have already gone back this weekend so oil will open at 1pm and equities 1.30pm

Here is a short video (normally about10 minutes) of the markets talking about my view on the week ahead from the proxies to currencies, commodities and equities (US only).

http://www.thehamiltons.co.uk/14-03_10/14-03_10.html
  • #18
  • Oct 7, 2011 1:00pm Oct 7, 2011 1:00pm
Quoting xxfunguyxx
Hi guys

does anyone here keep track of crude oil as a leading indicator for currencies...if so...do u know where I can get an actual real time graph of its progress...and plot some techincal stuff on it...thanks
You can open a Demo-Acc. at AvaFX.com and get realtime Crude sweet light, Brent Oil , Heating Oil, Gasoline, and - if interesting for you - Natural Gas.

Good Trading,

Gerhard
  • #19
  • Apr 24, 2012 10:00pm Apr 24, 2012 10:00pm
Hello, I have some questions about the oil.

If the Middle-East countries don't sell oil to US, there are no effects to US right? Because there are still a lot of Oil companies in US like Shell, Esso, Mobil and etc.

They don't sell it to country, but they sell it to companies right?
  • #20
  • May 10, 2012 12:23am May 10, 2012 12:23am
if all of the middle east countries stop selling oil to the US it will definitely cause a sever crisis but I don’t see this apocalyptic prediction actually happens. Anyways, the US does have inventories for emergency but it won't last too long without the supply of the ME countries.
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