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WTI Crude Oil Trading

  • #3,201
  • Aug 19, 2019 8:18am Aug 19, 2019 8:18am
Currently moving up with equity futures. Waiting to see if it reaches near term resistance at 56.70 and how it reacts from there.
  • #3,202
  • Aug 19, 2019 9:05am Aug 19, 2019 9:05am
Quoting deuce
Currently moving up with equity futures. Waiting to see if it reaches near term resistance at 56.70 and how it reacts from there.
What is your timeframe of trading oil? And how you "time" your entry/exit and set TP/SL?
  • #3,203
  • Aug 19, 2019 9:50am Aug 19, 2019 9:50am
A well-formed triplet of highs can be a good short signal. NQ U19 M5. (demo acct for MT5 testing)
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  • #3,204
  • Aug 19, 2019 10:14am Aug 19, 2019 10:14am
Quoting luckyvictor
{quote} What is your timeframe of trading oil? And how you "time" your entry/exit and set TP/SL?

I trade the daily chart and will rarely do a round trip intraday trade. I go back several months to determine support/resistance levels. I don't try to time a trade. I wait for prices to reach a level then build a position using a variant of mean reversion I have used for several years.
  • #3,205
  • Aug 19, 2019 10:17am Aug 19, 2019 10:17am
Quoting deuce
{quote} I trade the daily chart and will rarely do a round trip intraday trade. I go back several months to determine support/resistance levels. I don't try to time a trade. I wait for prices to reach a level then build a position using a variant of mean reversion I have used for several years.
Please allow me to ask more questions, just want to think like a great trader.

The WTI recently is not having an obvious direction, and with the global demand that is so influence by the trade war, how to find the edge from daily chart?
  • #3,206
  • Aug 19, 2019 10:33am Aug 19, 2019 10:33am
Quoting luckyvictor
{quote} Please allow me to ask more questions, just want to think like a great trader. The WTI recently is not having an obvious direction, and with the global demand that is so influence by the trade war, how to find the edge from daily chart?
We are in the middle of a 52-60 range on the daily. The edge is patience. We are only a trade war news release or Trump tweet away from a big move in either direction.
  • #3,207
  • Aug 19, 2019 11:37am Aug 19, 2019 11:37am
Quoting luckyvictor
{quote} so what is your strategy of trading WTI?
Price action or Pivot points + MA/EMA
persistence and determination alone are omnipotent
  • #3,208
  • Aug 19, 2019 11:39am Aug 19, 2019 11:39am
Quoting deuce
{quote} I don't pay much attention to volume. Oil is so liquid that most big moves are on heavy volume anyways. That is why I like trading oil. Supply/demand, USD, macro. Much easier than trading equities.
Equity has many variables But WTI also got some nasty things like those sudden U-turns whish could wipe your profits in a minute. So use your SL wise
persistence and determination alone are omnipotent
  • #3,209
  • Aug 19, 2019 12:23pm Aug 19, 2019 12:23pm
Quoting Ll1979
{quote} Equity has many variables But WTI also got some nasty things like those sudden U-turns whish could wipe your profits in a minute. So use your SL wise
Yes, and that volatility is what creates opportunity.
  • #3,210
  • Aug 19, 2019 1:29pm Aug 19, 2019 1:29pm
Crude has had a really good day today on the heels of some global optimism related to trade. There's some pretty strong resistance around the $56.25-$56.50 area. If it breaks that it would be surprising and could mean it's going to test Aug prior highs, past $57.
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  • #3,211
  • Aug 19, 2019 1:30pm Aug 19, 2019 1:30pm
Now it's breaking out. Any news?
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  • #3,212
  • Aug 19, 2019 1:35pm Aug 19, 2019 1:35pm
Haven't seen any news. May of been positioning during the last few minutes of pit trading.
  • #3,213
  • Aug 19, 2019 1:36pm Aug 19, 2019 1:36pm
Quoting EventsTrader
Now it's breaking out. Any news? {image}
WTI settles at 2:30pm EST so that was most likely just some volatility around the daily settlement.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #3,214
  • Aug 19, 2019 4:10pm Aug 19, 2019 4:10pm
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  • #3,215
  • Aug 19, 2019 6:42pm Aug 19, 2019 6:42pm
Quoting deuce
{quote} Yes, and that volatility is what creates opportunity.
You're speaking my language! Let's get wild
  • #3,216
  • Edited 12:59am Aug 20, 2019 12:46am | Edited 12:59am
Longer term volume looks bullish for now but we seem to have a bit of a bottle neck, it wouldn't take much to change it, fine for a break tho

Good luck

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  • #3,217
  • Aug 20, 2019 8:51am Aug 20, 2019 8:51am
Recently only in very low time frames (such as 5m) can find trades setup
Saw this but didn't trust and missed a 100 pips fast profit
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  • #3,218
  • Edited 10:53am Aug 20, 2019 9:28am | Edited 10:53am
Quoting aariapoor
Recently only in very low time frames (such as 5m) can find trades setup Saw this but didn't trust and missed a 100 pips fast profit {image}
Me too

support 55.30 ...we'll see
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All charts/ideas based on UK time zone
  • #3,219
  • Aug 20, 2019 11:27am Aug 20, 2019 11:27am
Complete recover to 56.20!

How to analyse the chart now!?
  • #3,220
  • Aug 20, 2019 11:34am Aug 20, 2019 11:34am
Quoting luckyvictor
Complete recover to 56.20! How to analyse the chart now!?
Unbelievable recovery. It's testing resistance. I'm flat now and lucky I took the little profit I had before giving it all back.
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