WTI Crude Oil Trading

It is an unusual pattern. So far, you are the only one to comment on it. Money to be made there.

Busy thread yesterday, hello derekw, good posts

BRN could have a turn today.

WTI seems to like this range

BRN 63.72

WTI 57.40 (maybe 56.22 for now)

Need to break these bu##ers if your a bull

Heading north ????

I think if we can just see BRN break

Hope you locked some profits Sponge

United States Baker Hughes US Oil Rig Count fell from previous 779 to 776

Hi Li , do you ever think alternatives? I mean are bound to your system ?

Yes i do think alternatives some market conditions require another approach. Trending vs ranging markets for example. Most systems fail in ranging markets however one system applies to all market conditions and that is good old price action.

Don't search for the holy grail it may last forever. Instead focus on the strength of your system(s) and when to apply. Use a the trading plan / moneymanagement to maximize return.

I'll settle for a turn on Monday, problem is it could turn either way but I'm bullish for now, 63.72 remains key for me

Happy to jump ship of course

Good luck

sponge,

good luck for monday.

Sixer

sixer, your view looks quite convincing thanks for posting it.

I have a "spooky" level at 63.72 bearish below we'll see, downward trend line sits around 65, may limit any upside, may break who knows.

Dow for Monday 29th? time to turn?

Good luck

Dow:

the down side potential is limited.

Sixer

The week ended in the box; below EMA20, suggesting weakness.

Started the week with a small short with NQ at 8017.75

WTI REVERSES A DIP BELOW $ 56 MARK, FOCUS ON US-CHINA TRADE TALKS
29 July 2019, 12:54

 

1. Oil cautious amid stronger USD, global growth and trade concerns.
2. Focus on US-China trade talks, Middle East developments for fresh oil trades.

Buyers continue to lurk just below the 56 handle, prompting a tepid bounce in WTI (futures on Nymex) over the last hour, but the bulls lack follow-through amid a cautious market sentiment heading into the crucial US-China trade talks.

The recent trade-negative comments delivered by the US President Trump weigh on the investors’ sentiment, as the US-China trade talks are set to resume on Tuesday. Trump said China might not want to sign a trade deal until after the 2020 US election. Further, oil traders watch out for any trade progress when the two trade teams meet this week.
The downbeat tone around the black gold can be also attributed to growing global economic slowdown concerns and its eventual impact on the demand outlook for oil. Meanwhile, broad-based US dollar strength, in the wake of upbeat US Q2 GDP data and a smaller Fed rate cut this week, continues to keep the recovery in check.
Middle East tensions, drop in rigs count offer support
However, the barrel of WTI manages to defy the gravity, as it derives continuous support from the supply disruption risks, with Middle East tensions around the Strait of Hormuz, still remaining high.

Further, a drop in the US Rigs Count also keeps the sentiment somewhat buoyed around the commodity. “The US energy companies last week reduced the number of oil rigs operating for a fourth week in a row, putting the rig count down for an eighth consecutive month, as cited by Reuters”.

Looking ahead, the US-China trade-related developments will have a major impact on the oil-price action while the US weekly crude supply reports are also closely eyed for fresh insights on the US supply-side scenario.

Closed with minuscule profit at bed time.

Price dropped to ~8002, then move to ~8031.

nice TC profit = profit