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WTI Crude Oil Trading

  • #2,861
  • Jul 25, 2019 10:54am Jul 25, 2019 10:54am
The TMA channel is trending down so I adjusted my TP slightly lower, (that means I'm following the trend - which is down - channel pointing down).
I removed the SR zones, (white dots). I was experimenting with this version and it adds no value. Actually you best SR zones are the channel lines. I don't think SR zones are horizontal lines. I think they are alive and thus bend as price changes. Kudos to Mladen et al!
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  • #2,862
  • Jul 25, 2019 11:06am Jul 25, 2019 11:06am
As TimingChain pointed out earlier, if you cross the channel center line you have a great chance to keep moving in your direction. I adjusted TP slightly down again.
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  • #2,863
  • Jul 25, 2019 11:10am Jul 25, 2019 11:10am
I think the reason for that is that the center line is another SR zone and if you break it then support becomes resistance.
  • #2,864
  • Jul 25, 2019 11:23am Jul 25, 2019 11:23am
You may also notice that, visually, my difference of TP to the bottom channel is roughly the spread. The difference between the two white lines, the ASK line and the PRICE line. Often price will kiss your target, (the bottom channel line), but not trigger TP because you are exactly on the lower channel line.
  • #2,865
  • Jul 25, 2019 11:30am Jul 25, 2019 11:30am
And then fundamentals play a role in your confidence to trade. I'm sorry about that, but it's true. For example, with oil there is the captured oil tankers problem, which could all of sudden play out in different ways and dramatically change the price structure with no technical bias. And so in Gold; which has broken a long term upward resistance. Your confidence to buy Gold is great at the moment. I wish it weren't so because I like the mechanics of trading, but it is so.
  • #2,866
  • Jul 25, 2019 11:54am Jul 25, 2019 11:54am
I feel there is a big fight happening around the center line and looking left down the chart this expected, So SL (SP) = BE.
As I said earlier I don't often trade such short TFs.
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  • #2,867
  • Jul 25, 2019 11:59am Jul 25, 2019 11:59am
I might be too nervous, but if the batman heads and shoulders does play out we should be going down a couple of dollars. I think this technical pattern has been created by USA Market Making traders warning Iran that they have Batman on their side!
  • #2,868
  • Jul 25, 2019 12:01pm Jul 25, 2019 12:01pm
PS: Gold H1 - begging to be bought!
  • #2,869
  • Jul 25, 2019 12:03pm Jul 25, 2019 12:03pm
Quoting derekw
I feel there is a big fight happening around the center line and looking left down the chart this expected, So SL (SP) = BE. As I said earlier I don't often trade such short TFs. {image}
Trading wti on lower TFs can sometimes be an art compared to forex .
persistence and determination alone are omnipotent
  • #2,870
  • Jul 25, 2019 12:04pm Jul 25, 2019 12:04pm
On the 4hr I see something major to bring the long position active, what I have no idea, looking at the chart it's not something that hasn't been achieved, been in a bit of a range, while long is not my preferred position, it is based on technical, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #2,871
  • Jul 25, 2019 12:08pm Jul 25, 2019 12:08pm
Quoting Ll1979
{quote} Trading wti on lower TFs can sometimes be an art compared to forex .
I think you are right Li. And mostly I like to trade DAX SPX and Gold. I do a bit of Forex when I think I see an opportunity.
  • #2,872
  • Jul 25, 2019 12:11pm Jul 25, 2019 12:11pm
Quoting detector
On the 4hr I see something major to bring the long position active, what I have no idea, looking at the chart it's not something that hasn't been achieved, been in a bit of a range, while long is not my preferred position, it is based on technical, D
My chart would say it should drop more to buy on H4. Here's the chart, but I'm no oil expert. Maybe a huge spike on tanker news and then fly up on the tankers have been given back!
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  • #2,873
  • Jul 25, 2019 12:13pm Jul 25, 2019 12:13pm
Any way its worth noting on the H4 chart that if you had sold the red cross that are ABOVE the upper channel and did swing trades for green and red again you would be smiling!
  • #2,874
  • Jul 25, 2019 12:14pm Jul 25, 2019 12:14pm
Also note that the last green cross on H4 is not a valid buy, it's inside the channel, thus I think you have something - we should be going up.

Going up that is from the last bunch of 5 green crosses we see.
  • #2,875
  • Jul 25, 2019 12:21pm Jul 25, 2019 12:21pm
Quoting derekw
{quote} My chart would say it should drop more to buy on H4. Here's the chart, but I'm no oil expert. Maybe a huge spike on tanker news and then fly up on the tankers have been given back! {image}
DK, stranger things have happened LOL, ordinarily I would have stayed out but the miss yesterday, I had to in it to win it and I wasn't, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #2,876
  • Jul 25, 2019 12:23pm Jul 25, 2019 12:23pm
I must though apologize for splurging all this here. I feel like I took over your space. Sorry for that guys. If anything I said helps I'm glad, but it's been very nice also to hear your opinions, which I have all learned from. A great bunch on this forum.
  • #2,877
  • Jul 25, 2019 12:24pm Jul 25, 2019 12:24pm
Quoting detector
{quote} DK, stranger things have happened LOL, ordinarily I would have stayed out but the miss yesterday, I had to in it to win it and I wasn't, D
Ha ha
  • #2,878
  • Jul 25, 2019 12:27pm Jul 25, 2019 12:27pm
I wonder if I turn my screen upside down then the batman heads and shoulder should turn bullish, no?
  • #2,879
  • Jul 25, 2019 12:31pm Jul 25, 2019 12:31pm
Quoting derekw
I wonder if I turn my screen upside down then the batman heads and shoulder should turn bullish, no?
No need, it may well do it on it's own LOL, post as you like DK, your posts are non offensive and lighthearted, as well as educational, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #2,880
  • Edited 12:44pm Jul 25, 2019 12:33pm | Edited 12:44pm
h1
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yes yes yes
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