WTI Crude Oil Trading

to bad you got hit by a u-turn

My mistake as usual, was too heavy
Now I've set platform to 1 single contract
I will enter 1 single when I see trend starting and later will scale-in on retrace

Absolutely. Crude Oil is the wild west. Equity markets were tanking early which "eventually" dragged Crude but it wasn't going to be allowed to happen until all the short stops got taken out in the initial crude rally. Just the way it is.

61.53 back in play, trying long 61.56

Poss res 61.81 poss targ 62.42

Pulled the plug +23

Looking to smaller frames for re-entry

Incredibly balanced crude market heading into RTH open. Pretty much spent the entire month around this area (Monthly VWAP). Weekly shaping up to be in balance as well (Weekly VWAP). Logic suggests a balanced session today with opportunities to play the edges as oppose to any trends. We will see.

Main hypo is for market to rally up to around 62 area at or after the open, take out short stops then I try to sell it if I can back to other side of wider balance at 6120 (monthly value area low and also overnight VAH.) once the early buyers wane.

Alternate hypo is buyers fail to materialise at the open which opens up the same sell idea earlier!

Good luck all!

even i have been thinking about this since morning....

OPEC leaves 2019 global oil demand growth forecast unchanged at 1.21 million bpd
14 May 2019, 16:22

In its latest monthly report, OPEC left its 2019 global oil demand growth forecast unchanged at 1.21 million barrels per day, as reported by Reuters. Further details of the report revealed that the organization is expecting the 2019 demand for its crude to average 30.58 mln barrels per day, up 280,000 from the previous forecast.
Regarding the shale production in the U.S., OPEC said producers were increasingly "faced with costly logical constraints."
According to the report, lower supply from Iran and the supply reduction deal caused the OPEC output to decline by 3,000 barrels per day to 30.031 million barrels per day in April.
There wasn't a significant reaction from crude oil to the report and the barrel of West Texas Intermediate was trading at $61.50, adding 1.2% on a daily basis.

BTFD is still in play in equities, and carries over into oil--visible today.

Think the Dow is long

I picked up a few points in S&P very early today with a short, but no more shorting.

Currently zero edge trading crude as algos fight it out for ticks around monthly/weekly vwap. the market is happy here ("at current value"). Best to stay out imho - perfect environment to get chopped to pieces; as it goes up, tempting to get long and algos fade it back to VWAP. And vice versa. Then one gets frustrated and compounds the overtrading. Took me a long time to recognise this behaviour and force myself to SIT ON MY HANDS and do something else!!!

As per my hypo this AM (earlier post), main hypo was a rally to 62 (overnight high area) to stop hunt, which we got, but there has been very little follow through on the downside in crude today suggesting, for now at least its happy to balance!

This is me today - couple of small trades. Slightly ahead today but even a small down day on a day like this is a very positive result! First was as per hypo, early buyers didn't show up straight away so took a short back to ETH VWAP. Then we got the expected rally back to 62 (overnight high), so I again tried to short, this time for a move to the other side of multi day balance, but again sellers weren't pressing so I scratched.

Now we are grind sideways till one side decides to up the ante. Algos/locals clearly recognise this and are content to play the range as stated above (in my opinion - no one ever really knows!) Will see what tomorrow/overnight brings!

Good luck!

Thanks for the tip timingchain

I'm sitting on 135 points

I closed the trade for 138 points I think the Dow is going much higher but the smaller frames are a bit o/b do I quit while a I was ahead.

It could go either direction with these uncertain market movements .... profit = profit

nice trade champ!

This is a time for nimble scalpers!

Of interest to some because of equity and oil interactions: DJIA June contract.

United States API Weekly Crude Oil Stock up to 8.6M in May 10 from previous 2.806M

I have my chump moments as well

I'll be keeping my eye on the Dow today, it still looks a bit o/b on the smaller frames for now

I think WTI has two levels to watch today 61.53/61.44 I'm bullish at the moment, will look for longs over 61.53