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  • #3,061
  • Aug 6, 2019 12:32am Aug 6, 2019 12:32am
Quoting sponge
{quote} A re-test of 55.17 this morning
continuation to 55.90?
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persistence and determination alone are omnipotent
  • #3,062
  • Edited 12:57am Aug 6, 2019 12:46am | Edited 12:57am
Quoting Ll1979
{quote} continuation to 55.90? {image}
Not sure Li, that's a fair old recovery overnight

55.30 might tempt me, prob wait for London

EDIT
Think we need a new low sub 53.60 else we could head for the 60's again, still not sure which wave we are on if it's a completion of C then up we go...I think

HL seems to be in a good place for now
All charts/ideas based on UK time zone
  • #3,063
  • Aug 6, 2019 8:57am Aug 6, 2019 8:57am
Incredible

https://in-this-together.com/gcmaf/
All charts/ideas based on UK time zone
  • #3,064
  • Aug 6, 2019 9:37am Aug 6, 2019 9:37am
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persistence and determination alone are omnipotent
  • #3,065
  • Aug 6, 2019 11:47am Aug 6, 2019 11:47am
It's been a looooong day

Hope you all made some pips
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All charts/ideas based on UK time zone
  • #3,066
  • Aug 6, 2019 11:51am Aug 6, 2019 11:51am
Quoting sponge
It's been a looooong day Hope you all made some pips {image}
Nice Sponge! No trades for me only swaps from my EurUsd short
persistence and determination alone are omnipotent
  • #3,067
  • Aug 6, 2019 11:58am Aug 6, 2019 11:58am
EIA CUTS FORECAST FOR 2019 WORLD OIL DEMAND GROWTH BY 70,000 BPD
6 August 2019, 19:09

Citing the US Energy Information Administration's monthly report, Reuters said that the EIA cut its forecast for 2019 global oil demand growth by 70,000 barrels per day to annual growth of 1 million barrels per day.
Further details of the publication revealed that the EIA raised its forecast for 2020 global oil demand growth by 30,000 barrels per day to 1.43 million barrels per day.
In the meantime, ahead of the American Petroleum's weekly crude oil stock report, the barrel of West Texas Intermediate is losing 1% on a daily basis at $54.50.
persistence and determination alone are omnipotent
  • #3,068
  • Aug 6, 2019 12:09pm Aug 6, 2019 12:09pm
Quoting Ll1979
{quote} Nice Sponge! No trades for me only swaps from my EurUsd short
LI, check out peaky Daily on the EU
All charts/ideas based on UK time zone
  • #3,069
  • Aug 6, 2019 12:15pm Aug 6, 2019 12:15pm
WTI bearish below bullish above 54.42

Brent bearish below bullish above 59.35

A spike down then up would fit ?

News out tomor

Good luck
All charts/ideas based on UK time zone
  • #3,070
  • Aug 6, 2019 12:36pm Aug 6, 2019 12:36pm
Quoting sponge
{quote} LI, check out peaky Daily on the EU
Not at home Don't forget the API numbers.
persistence and determination alone are omnipotent
  • #3,071
  • Aug 6, 2019 1:44pm Aug 6, 2019 1:44pm
#WTI / H4 / Three Ideas
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  • #3,072
  • Aug 6, 2019 1:55pm Aug 6, 2019 1:55pm
#WTI / Weekly / Three Ideas
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  • #3,073
  • Aug 6, 2019 2:17pm Aug 6, 2019 2:17pm
OIL: PRODUCTION CUTS, STABILIZATION OF THE GLOBAL MACRO AND WEAKER USD TO SUPPORT CRUDE PRICES – DANSKE BANK
6 August 2019, 22:14

According to analysts from Danske Bank, the mains risk in the short-term, to their expectation of a recovery in oil prices are to the upside, a further rise in tensions between the US and Iran, and on the downside further escalation in the trade war and deterioration in the global economy coupled with a still strong US Dollar.
Key Quotes:
“Supply remains tight in the oil market, as OPEC+ has extended output cuts and production levels in Iran and Venezuela remain depressed by sanctions. However, lacklustrer demand due to the escalation of the trade war and weak global manufacturing activity is keeping the oil market balance fairly stable. We see this situation extending in the short and medium-term.”
“We expect oil prices to recover over the remainder of 2019. We forecast Brent will average USD70/bbl in Q3 and USD75/bbl in Q4. We expect OPEC+ cuts, a stabilisation of the global macro economy and eventually a weaker USD to underpin oil prices.”
persistence and determination alone are omnipotent
  • #3,074
  • Aug 6, 2019 4:06pm Aug 6, 2019 4:06pm
Red Arrow is still the boss.
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  • #3,075
  • Aug 7, 2019 12:08am Aug 7, 2019 12:08am
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persistence and determination alone are omnipotent
  • #3,076
  • Aug 7, 2019 12:57am Aug 7, 2019 12:57am
Quoting sponge
{quote} Not sure Li, that's a fair old recovery overnight 55.30 might tempt me, prob wait for London EDIT Think we need a new low sub 53.60 else we could head for the 60's again, still not sure which wave we are on if it's a completion of C then up we go...I think HL seems to be in a good place for now
New low printed 53.28 but still not sure if downside is finished yet, I still have a poss low at 51.97.

Key level for me at the moment 53.50, news out 3:30 UK, todays H/L could hold for next 5 trading days ....well maybe

Longer term volume seems negative for now I think a shift would signal the next leg up.

Spooky turn line is on 11th but because this is a Sunday we could expect Fri 9th/Mon 12th. We have to look at these lines with +/- 3 so it would suggest a turn soon, according to my Crystal Ball

Just my 2p

Good luck
All charts/ideas based on UK time zone
  • #3,077
  • Aug 7, 2019 7:54am Aug 7, 2019 7:54am
Big fall at the moment, 57.67 poss support for Brent

News out soon, I think the pros are filling their boots but I could be wrong of course

This thread is way too busy for me
All charts/ideas based on UK time zone
  • #3,078
  • Aug 7, 2019 8:06am Aug 7, 2019 8:06am
Quoting sponge
Big fall at the moment, 57.67 poss support for Brent News out soon, I think the pros are filling their boots but I could be wrong of course This thread is way too busy for me
How are you doing Sponge made some money today?
persistence and determination alone are omnipotent
  • #3,079
  • Aug 7, 2019 8:11am Aug 7, 2019 8:11am
Quoting Ll1979
{quote} How are you doing Sponge made some money today?
Not bad Li, considering the points on offer I only have 30 I think it's possible for WTI to hit 51.97 so looking for bullish signs

Waiting for news

How's your EU trade ?
All charts/ideas based on UK time zone
  • #3,080
  • Aug 7, 2019 8:16am Aug 7, 2019 8:16am
Quoting sponge
{quote} Not bad Li, considering the points on offer I only have 30 I think it's possible for WTI to hit 51.97 so looking for bullish signs Waiting for news How's your EU trade ?
My EU has turned in a carry trade Trump tweeted again 30 minutes ago

With bad inventory numbers WTI could easily tank to 50 imho.
persistence and determination alone are omnipotent
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