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  • #581
  • Apr 11, 2019 3:38am Apr 11, 2019 3:38am
Quoting aariapoor
What happened to the OPEC meeting? Canceled?
I was wondering the same...
  • #582
  • Apr 11, 2019 4:04am Apr 11, 2019 4:04am
IEA monthly oil market report: Keeps forecast of global oil demand growth for 2019 at 1.4 mbpd
11 April 2019, 11:35

The International Energy Agency (IEA), in its latest Oil Market Report, left forecast of global oil demand growth for 019 at 1.4 million bpd on the back of robust Chinese and Indian consumption.
Key points:
• Global oil supply dropped 340K bpd in March on OPEC cuts, lower Venezuelan output.
• OPEC crude oil production fell 550K bpd in March to 30.1 million bpd.
• Global refining throughput fell by 2.5 million bpd in March on unplanned outages, especially in the US.
• Non-OPEC supply growth decelerated sharply to 2.4 million bpd in Q1, from breakneck pace seen in H2 2018.
• Venezuelan March crude output down 270K bpd m/m at 870K bpd.
• OECD oil stocks fell 21.7 million bpd in Feb. to 2.87 billion barrels, still 16 million barrels above the 5-year average.
persistence and determination alone are omnipotent
  • #583
  • Apr 11, 2019 4:24am Apr 11, 2019 4:24am
http://donovan-ang.blogspot.com/2019...19-sunday.html

Happy trade guys.

Cheers
Close Trade At Profit
  • #584
  • Apr 11, 2019 6:42am Apr 11, 2019 6:42am
On the H1, it seems to have formed a double top although it looks to be a small one. What do you all think about a short on the break of the neckline indicated by the down arrow in the screenshot?


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  • #585
  • Apr 11, 2019 6:58am Apr 11, 2019 6:58am
Quoting sharingan9
On the H1, it seems to have formed a double top although it looks to be a small one. What do you all think about a short on the break of the neckline indicated by the down arrow in the screenshot? {image}
Look at the previous consolidation, it looks pretty similar to this one. Likely touch the bottom of last low on H1 and then another spike (hopefully last one)

I think it could touch a little lower than the previous low, if you want to enter after breaking the necklike, i would advice to put it somewhere lower than just bellow it, somewhere around 62.20-30 could be save entry and stop loss above the last high (65.00)
-._.-
  • #586
  • Apr 11, 2019 6:59am Apr 11, 2019 6:59am
Quoting aariapoor
{quote} Is it possible to shift the chart from the right border? That would be great. If you're using mt4/5: {image}
I've tried to do that several times. Broker's app, not MT4, for futures acct.
  • #587
  • Apr 11, 2019 7:14am Apr 11, 2019 7:14am
WTI April H4 - dropping through EMA20 and uptrend line (blue). It likely has more downside ahead.
Attached Image (click to enlarge)
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  • #588
  • Apr 11, 2019 7:24am Apr 11, 2019 7:24am
Quoting darksize
{quote} Look at the previous consolidation, it looks pretty similar to this one. Likely touch the bottom of last low on H1 and then another spike (hopefully last one) I think it could touch a little lower than the previous low, if you want to enter after breaking the necklike, i would advice to put it somewhere lower than just bellow it, somewhere around 62.20-30 could be save entry and stop loss above the last high (65.00)
That is a good point about the previous consolidation. The only difference is the previous consolidation did not form at the strong resistance level(support turned resistance) on the daily chart. So I am thinking this current double top may work better since it is forming at a key resistance level. So I may get in, or maybe not lol. I will judge on the break, and yes good point I will sell few pips below the neck should it be broken.
  • #589
  • Apr 11, 2019 7:48am Apr 11, 2019 7:48am
Quoting aariapoor
{quote} Is it possible to shift the chart from the right border? That would be great. If you're using mt4/5: {image}
That small blue arrow at the top of the chart, visible in your screenshot. Use that.
Focus.
  • #590
  • Apr 11, 2019 8:43am Apr 11, 2019 8:43am
Quoting Ll1979
shorted on H1 trendline break {image}
Closed around 64.0x area
persistence and determination alone are omnipotent
  • #591
  • Apr 11, 2019 9:41am Apr 11, 2019 9:41am
I believe the only thing stopping WTI to go down is Brent
We can't control the sea, but we can learn how to surf the waves.
  • #592
  • Apr 11, 2019 9:49am Apr 11, 2019 9:49am
Quoting Ll1979
{quote} Closed around 64.0x area
some nice pips for you!
  • #593
  • Apr 11, 2019 10:20am Apr 11, 2019 10:20am
Quoting timingchain
{quote} some nice pips for you!
was hoping for more but wti isn't moving like i wanted

fib 61.8 is acting as support
Attached Image
persistence and determination alone are omnipotent
  • #594
  • Apr 11, 2019 10:28am Apr 11, 2019 10:28am
Quoting Ll1979
{quote} was hoping for more but wti isn't moving like i wanted fib 61.8 is acting as support {image}
Yes I was looking to short WTI as well on the break of the neckline support on that double top on H1 but the pattern seems a bit consolidated flat and not as clear and pronounced as I want it, so I will most likely stay out
  • #595
  • Apr 11, 2019 10:41am Apr 11, 2019 10:41am
Quoting sharingan9
{quote} Yes I was looking to short WTI as well on the break of the neckline support on that double top on H1 but the pattern seems a bit consolidated flat and not as clear and pronounced as I want it, so I will most likely stay out
and then when you are out of your position it break support
persistence and determination alone are omnipotent
  • #596
  • Apr 11, 2019 10:42am Apr 11, 2019 10:42am
Now this is something, I'll wait for a small correction/flag and sell it
We can't control the sea, but we can learn how to surf the waves.
  • #597
  • Apr 11, 2019 10:43am Apr 11, 2019 10:43am
Quoting Ll1979
{quote} and then when you are out of your position it break support
yes very frustrating now im regretting not getting in hahhaa. The frustrations of trading
  • #598
  • Apr 11, 2019 10:56am Apr 11, 2019 10:56am
I'm also looking for a correction to sell again .
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  • #599
  • Apr 11, 2019 11:47am Apr 11, 2019 11:47am
when does OPEC meeting finish?
Will they explain report or something?
  • #600
  • Apr 11, 2019 11:48am Apr 11, 2019 11:48am
I will short if I get another leg up forming a more noticeable and pronounced double top pattern.


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Also Brent Oil may be forming a H & S for a potential short


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