WTI Crude Oil Trading

May contract on H4 (see #1303):

price is approaching first upper band (UB1) currently at 62.96 -- better shorting opportunity above that, depending on the upward momentum.

out 1/[email protected]

out another 1/[email protected]

Morning all,
Heading into the RTH session looking to buy (obviously!), but danger is always there given how rotational the month has been we get a sharp retracement back into the 2 week range below 6210.
Having said that the way we build volume overnight and in the last hour suggests to me there will be plenty of long opportunities during RTH today. It's rampant at the moment so happy to sit on hands for a bit until we get some covering. We also broke nicely out of the two week balance and therefore OTF look like they are all over this in Europe (hence the steady grind up) and will continue to be in RTH (covering longer term shorts). Hence the two main hypos I have attached for myself, will build a core long position if we retrace around RTH opening hour and trade around it willing to buy from 70 depending on the tape when we are there and up to/as low as around 6240 (overnight POC).
If we accept below there I am wrong! It happens!
I have no short hypos today apart from shorting later in the afternoon if we exhaust after taking out the week's highs @6334 - logical target for longs.
Great work @valter buying early doors! Killing it!

First target reach at 63.02 maybe we'll get the second at 63.72 ...but still a bit streached on the smaller frames

thanks MP-Trader you are very kind
sometimes my action coincide with PA
good analysis by the way, I detect you didn't start to trading yesterday

out another 1/[email protected]
last 1/4 still in
I was expencting a deeper retracement at NY cash open

A long holiday week end for me.

Have fun and leave some pips for me on Monday

LOL that made me laugh. Yeah been around the block. Worked in prop for a few years now on my own. Get bored so thought I'd share few bits and bobs. No squiggly lines on my charts. Excellent trading by you mate.
I tried to build a position long but only caught my small pilot position @ the 70 area as per hypo - in fact I had to take the pilot quite a bit higher as the tape didn't really absorb or do anything when it retraced at cash open like you said. So I had my small piece on, enough for ice cream I guess. I found it hard to add because the tape has been pretty useless today what with the impending rollover so I just kept the smalls on to target.
Took a small short as per hypo 3 once we took out the week's highs. See if we can go back to ETH VWAP - the usual mean reversion stuff.
Always amazes me how so many people leave their stops at obvious places like the week's highs, there was a massive surge in buying (puking) when we ticked that level. Happens every time, you have to wonder why so many people do it, cause you just know we are going to take those levels out!

Anyway great trading mate see you tomorrow.

Hi all, some great chess today, excellent to see, I got it totally wrong on all accounts yesterday, still think down, last hour spike, maybe this could be the turn I was seeing, anyhow, on the 1hr, does anyone see a head and shoulders formed? interesting that I do, well i'm out the market for now, looking in with interest, probably it will fall and I'll miss the well awaited opportunity, just my luck, good trading, D

closed last 1/[email protected]

quick scalp on the DOW

Firts of all, I really thank you for your compliments.
Second, I detect also that you are a far better trader than me.
I started trading in 2008 and in 2011 I had the lucky chance to be in a chat with a former prop trader.
Facts of life stopped me couple of times but when life get a bit easier I can make few bucks.
Today I was lucky since the beginning

Oil and equities put in a good run. They might be in shorting territory soon.

Looking @ H4 it's seems we formed a channel.
I am keeping an eye on resistance @ 63,6x (fib 61.8, upper band channel, candles daily chart)

WTI regains $ 63 amid supply risks, eyes on US rigs data, OPEC + meeting
17 May 2019, 13:12

 

1. Oil supported by supply threats on Middle-East woes, US sanctions on Iran.
2. Focus on US rigs count data, risk sentiment and OPEC + meet for the next direction.

WTI (futures on Comex) stretches its bullish momentum into a fourth day today, now flirting with two-week tops of 63.48, as the sentiment remains underpinned by mounting supply disruption threats fuelled by rising tensions in the Middle East this week.
Moreover, the US sanctions on Iran continue to curb the Iranian crude exports, adding to the tighter global supplies as well as to the upside in the black gold. Furthermore, the ongoing OPEC supply cuts also raise the risks of a supply deficit in the coming months, rendering oil positive.
The concerns over supply disruption continue to overshadow the recent surge in the US crude stockpiles and the US-China trade escalation induced risk-aversion.

Later today, all eyes will remain on the US rigs count data for fresh hints on the US supply-side scenario. The focus also remains on the OPEC + meeting scheduled over this meeting in Jeddah for the next direction in oil prices.
The OPEC + meeting is called on to assess member states’ commitment to the OPEC oil output cut deal and may make a recommendation on whether to extend or adjust the pact.

WTI May contract on H4:

Since crossing EMA20, LWMA50, and a downtrend line, all at ~61.6, WTI has soared ~200 pips, now above the first upper band (UB1).

Shorting is often profitable above UB1, but the upward momentum does not suggest a good short at this time, other than possible scalping by nimble traders.

Looking for an opportunity to buy DOW

Momentum might be waning -- see if 38.2 holds.

Didn't take the trade sudden price drop made me suspicious.