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WTI Crude Oil Trading

  • #3,221
  • Aug 20, 2019 11:42am Aug 20, 2019 11:42am
Another well-formed triplet of highs as a good short signal. NQ U19 M5. Along with a premature short. (demo acct for MT5 testing)
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  • #3,222
  • Aug 20, 2019 11:57am Aug 20, 2019 11:57am
Quoting timingchain
Another well-formed triplet of highs as a good short signal. NQ U19 M5. Along with a premature short. (demo acct for MT5 testing) {image}
How do you define this triplet highs?
  • #3,223
  • Aug 20, 2019 12:10pm Aug 20, 2019 12:10pm
Quoting luckyvictor
{quote} How do you define this triplet highs?
potential short = 3 consecutive highs such that a straight line touches all nearly exactly; the straight line can be ascending or descending (probably less risk if descending). Prefer above EMA20 for short. Prefer confirmation by 4th bar (doesn't break the line). Mirror image flip for a potential long entry.

EDIT
see #3210 for clean illustration
  • #3,224
  • Aug 20, 2019 12:26pm Aug 20, 2019 12:26pm
Quoting timingchain
{quote} potential short = 3 consecutive highs such that a straight line touches all nearly exactly; the straight line can be ascending or descending (probably less risk if descending). Prefer above EMA20 for short. Prefer confirmation by 4th bar (doesn't break the line). Mirror image flip for a potential long entry. EDIT see #3210 for clean illustration
Thanks for your sharing

So how would you set the TP or exit for this setup?
  • #3,225
  • Aug 20, 2019 12:35pm Aug 20, 2019 12:35pm
Volume negative intra at the moment

API PREP ?????
All charts/ideas based on UK time zone
  • #3,226
  • Aug 20, 2019 12:38pm Aug 20, 2019 12:38pm
Oil seems to moving up and down with equities today. Not unusual. Still in a tight range on the daily.
  • #3,227
  • Aug 20, 2019 12:44pm Aug 20, 2019 12:44pm
Quoting luckyvictor
{quote} Thanks for your sharing So how would you set the TP or exit for this setup?
For a short, I set TP exit close to EMA20 or somewhat below that--sometimes far beyond that if I think momentum will be strong. In the above case ( #3228 ), I closed manually when PA stalled around EMA20.
  • #3,228
  • Aug 20, 2019 12:45pm Aug 20, 2019 12:45pm
Quoting sponge
Volume negative intra at the moment API PREP ?????
Yep, I think that's very likely.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #3,229
  • Aug 20, 2019 12:54pm Aug 20, 2019 12:54pm
Quoting Ef5
{quote} Yep, I think that's very likely.
Juat as it turns positive ha

I think WTI is bullish long term but it must be hard to swing WTI without taking a heart attack!!

I will change my view below 55.30 surprise surprise
All charts/ideas based on UK time zone
  • #3,230
  • Aug 20, 2019 1:02pm Aug 20, 2019 1:02pm
Don't know people, I would bet things to be on the rather same (extrapolated) trajectory.. of the last 1-2months.. to continue for the next 1-2months, meaning... OIL might be in the downtrend.. in USD... It does seem to have daily rebound, yes
Can you afford to take that chance?
  • #3,231
  • Aug 20, 2019 1:11pm Aug 20, 2019 1:11pm
I see double top at 1H around 56.50, looking like a short to me
  • #3,232
  • Aug 20, 2019 1:18pm Aug 20, 2019 1:18pm
Place your bets guys
All charts/ideas based on UK time zone
  • #3,233
  • Aug 20, 2019 1:21pm Aug 20, 2019 1:21pm
Quoting sponge
Place your bets guys
Took a small short position on my demo. Staying out otherwise. Looks like it might be coming back down.
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  • #3,234
  • Aug 20, 2019 1:33pm Aug 20, 2019 1:33pm
Hope you guys are ok oil just went stupid mode

Short/long stops wiped by the look of it
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All charts/ideas based on UK time zone
  • #3,235
  • Aug 20, 2019 1:49pm Aug 20, 2019 1:49pm
Question is where do THEY want to take it? 55.16 keeps poping up, long over ?

Just me and my suspicious mind

This the best game in the world
All charts/ideas based on UK time zone
  • #3,236
  • Aug 20, 2019 1:51pm Aug 20, 2019 1:51pm
Quoting sponge
Hope you guys are ok oil just went stupid mode Short/long stops wiped by the look of it {image}
That might be specific to your broker. I'm not showing that move on my demo or in the underlying futures contract via TradeStation.

Here is the hourly chart of the CME CL:
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  • #3,237
  • Aug 20, 2019 2:32pm Aug 20, 2019 2:32pm
Quoting EventsTrader
{quote} That might be specific to your broker. I'm not showing that move on my demo or in the underlying futures contract via TradeStation. Here is the hourly chart of the CME CL: {image}
I wonder if anyone else would like to post thier charts for this period
All charts/ideas based on UK time zone
  • #3,238
  • Aug 20, 2019 2:33pm Aug 20, 2019 2:33pm
Quoting deuce
Oil seems to moving up and down with equities today. Not unusual. Still in a tight range on the daily.
I think that relationship broke down over the past few hours.
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  • #3,239
  • Aug 20, 2019 2:38pm Aug 20, 2019 2:38pm
Hi all, hope your good and well, looking for a sharp move down for oil possibly, Sponge, had a spike on the chart but only as low 55.60/56.40 on the hourly,D
EDIT
Target 53 (punt)
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,240
  • Aug 20, 2019 2:39pm Aug 20, 2019 2:39pm
Quoting helgastrxd
{quote} I think that relationship broke down over the past few hours. {image} {image}
Front month expiration
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