WTI Crude Oil Trading

TP hit?

was a 10 min 50 pip drop

In theory, moved it to 52 Li, that was the twist, thiink it has a good chance, may take a while, but mental for now, market closes soon for a break so will evaluate, might scale like Valter, good approach, D

WOW!!, 4hr is drab, looks exciting on the 5min, my prediction was not far wrong, even took my own advice.
EDIT
56.50 next target?

if it breaches 57.30 it could well shoot through

15 min volume spike could prove a pain
EDIT
EUR/USD getting closer to my target, 1.12042

Li, no Dow tonight?, never even looked at it today, looks like its had a poor open.

Li, EUR/CAD coming along, what's your target, D

Closed short, 57.50
EDIT
Market close soon, will evaluate on open and look at another short position, 57.30 was never breached so closed out, 4hr still active but you never know with oil, good chess all, D

Closed my shorts after g20 looking to short at higher levels.

Nice trading champ! Just do the down payment on your private island.

Not reentering maybe tomorrow if work schedule allows.

Thanks Li, I'm saving for a double sized Island, then give half to you, just another few trades and the Camen Islands here we come, if it's not to your liking, I'll get another, either way, we'll get there and invite some of the fellow traders over for drinks, till tomorrow everyone, good chess, D

Opened a short @57.53, decided to run the continuation of 52 target, position size is less than previous as to protect profit, again this is speculative, D

TC, as ever great contribution, purely speculative on my part, the price has rejection on the 50LWMA, I,m figuring this could just be the turn before confirmation, whats your thoughts, D

It is looking weak now.

Looking for 57.30 to breach to come back in line with the plan, not sure if 52 will be hit but it's the target for now, cheers D

For now the only concerning thing is the 1min is at rock bottom,the previous 50+fall had the indicators high, making point of the fall, so we could be totally oversold or a complimentary back atcha, 50+rise, hence my cautious approach, just my thoughts, D, getting late now so last look, stop in place, bed.

WTI PULLS BACK AS TRADE WOES WEIGH OVER GEOPOLITICS
9 July 2019, 06:19

 

1. Energy buyers emphasize fresh trade tensions between the US and China.
2. US-Iran tussle and OPEC+ production cuts limit heavy declines.
3. API data and trade/political headlines will be in the spotlight.

Following its failure to cross 200-day moving average, WTI witnesses pullback to $57.50 during early Tuesday.
Optimism surrounding the US economy, mainly basis on Friday’s upbeat employment report, failed to last long as media releases from the US and China continue to tame the odds favoring a trade deal between the world’s two largest economies. The latest red signals include China’s top official’s warning of destruction to the US if it considers the dragon nation an enemy and the US Commerce Departments announcement to collect extra reserves from importers of Chinese and Mexican structural steel.

However, geopolitical tension between the US and Iran, coupled with oil production cut extension by the Organization of the Petroleum Exporting Countries (OPEC) and its allies popularly known as OPEC+, limited the black gold’s downpour.

Iran recently announced to waive rich uranium limits set under the nuclear deal while forcing the global powers to accept the 2015 agreement. The US, on the other hand, continues to push France and other global powers to restrict the nuclear powers Iran may use.
Looking forward, a weekly release of the US oil stocks change by a private industry survey the American Petroleum Institute (API) will offer an immediate catalyst to follow while trade /political headlines can keep dominating the price momentum. The API inventories last shrank 5 million barrels for the week ended on June 28.

Technical Talks
FXStreet Analyst, Ross J Burland, says that the energy benchmark is on the verge of a breakout:
From a technical standpoint, WTI is being squeezed into a tight spot and a break-out is due either side of the 58 handle. Price continues to trade between the 38.2% Fibo of the daily swing lows and highs and around the 20, 50 and 200 Experiential Moving Averages. On a break to the upside, beyond the trend line resistance, prices can rise to 60 level. Below the weekly lows at 56.77, the 52 handle and then the 14th Jan 50.41 lows ahead of the 26th November lows at 49.44 are in sight.

Closed short, no overnight drop, direction a little clouded so closed @zero, speak soon, D

There was quite a big adjustment in the demand for CL this morning (see the orange line) and so you should have been long out of the commercial buying zone in the lower green box. As we hit the into 58 however we lost value into the commercial sell zone and you had the opportunity to go short here at the retest. CL is also very expensive as we go higher against the USD



Having a look at the Volume Profile over the last couple of days it was pretty clear that you need to be long technically this however there was taper above 58s and so any buyers would struggle to find more buyers at higher prices to get rid of their longs.