WTI Crude Oil Trading

thnx is a bit of an aggressive entry hope we get some nice pips

We've formed a posse. Long from 61.14.

*edit - taken 50% at +20, Sl set @BE

OUT as it came back to DPP - 61.58

Did you trade to DAX today Marco?

there was a nice scalp opportunity on 5M with ma200. (second touch ma200 was enough for breakout)

sadly didn 't take it

Going to see how it reacts at a possible re-test of DPP (12140)

out @ 61.451

The volume area has shifted to 61.65 a close over this level would put target 62.58 back in play I think.

Bulls need to hold 61.53

a long phone call and out by SL hit @BE
50 ticks open profit vanished
I need to start to set temporary TP for unexpected events

Frustrating indeed!

Sliding SL & TP can help.

A longer term view

Since the ABC correction may have played out here's a possible on EW

Upside target 65 area

Taken a risk at 12161. SL just outside the weeks HIGH.

*EDIT - THE DAILY HIGH - not the weekly HIGH.

Stopped out 3:59pm GMT

EIA: COMMERCIAL CRUDE OIL INVENTORIES DECREASED BY 4 MILLION BARRELS FROM PREVIOUS WEEK
8 May 2019, 17:32

In its weekly petroleum report for the week ending May 3, the Energy Information Administration announced that the commercial crude oil inventories in the U.S. decreased by 4 million barrels. With the initial market reaction, the barrel of West Texas Intermediate extended its daily rebound and was last seen trading at $61.80, rising 0.6% on a daily basis.

Further details of the report revealed that gasoline production and distillate fuel production both increased in the same period while refineries operated at 88.9% of capacity.

"U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 721,000 barrels per day from the previous week," the EIA further informed in its press release.

wti cfd long on retracement @61.74

Edit: [email protected], [email protected], tp3 open, sl@be
Edit: 1/2 [email protected]

cashed 1/[email protected]

out last 1/[email protected]

size was too havy, in part a revenge trade for the 50ticks open profit that I let vanish earlier

Was that a net of ~34 pips avg? Not a bad recovery -- survived to trade another day!

Please don't revenge trade my friend. Instead create a trading log, review your trades and learn from your winners and losers.

You are right I survived
But even though the 50 ticks has been recoveried many times the facts are that today I let vanish 50 ticks of open profit and later I entered too heavy without a proper setup to justify the size

I suspended to keep a log some time ago but now I will resume it
A good profit on a revenge trade is not a good business

Are we going for the 5th on the 15 min?

I think the 62.58 target remains for now

I'm as long as a big long thing at the moment but I have no loyalties

WTI BID, COULD SEE FURTHER UPSIDE IF TRADE TALKS DO NOT COMPLETELY FALL APART, TARGETS $63 HANDLE

1. WTI firmed on Wednesday following a decline in U.S. crude supplies, almost double than what was expected and optimism that a trade deal will be achieved between Beijing and the U.S. buoys the price ahead of high-level talks scheduled later this week.
2. WTI is currently trading at $62.11bbls between a range of $61.0bbls8 and $62.34bbls.

While there has been a fair bit of risk-off this week following the weekend Trump tweets and subsequent confirmations that tariffs will be raised on Chinese imports on Friday,

Oil prices could see further upside if trade talks do not completely fall apart. With other geopolitical risks flowing through as well, such as Trump tightening the screw on Iran and Venezuelan with respect to sanctions along with the fighting in Libya, then coupled with crack spreads on the rise as we head into peak driving season in the U.S., the fundamentals are stacked in favour of the bulls.

Crude supply declined by 4 million barrels for the week
As for U.S. crude supply data, the Energy Information Administration EIA on Wednesday reported that they declined by 4 million barrels for the week ended May 3, beating the 2.2 million barrels expected. The EIA data also showed that gasoline inventories were down 600,000 barrels, while distillate stockpiles edged lower by 200,000 barrels last week.

WTI levels
Bulls stepped up midweek and the downside has not prevailed. The price is holding above the golden cross and the 50 DMA is acting as support. The price action has pushed the trend line resistance out and bulls can now target 63.05 29. April fractal lows. However, failure there, attention will be paid to the golden cross and then the 200 DMA and 50% Fibo level accumulating in confluence just below the session's lows at 60.60/59.60 respectively while bulls are a far cry still from the 63 handle. A break of the 50% level opens prospects for the 25th March lows at 58.20 ahead of the late Feb/early March highs guarding a break to the early Feb highs at 55.80.