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WTI Crude Oil Trading

  • #3,261
  • Aug 21, 2019 4:53am Aug 21, 2019 4:53am
Quoting sponge
{quote} Strange spike by the look of it Taken screen shot will chat with broker tomor Anyone else got this spike ? If true it signals much downside Take care good luck
Already got some news from your broker Sponge?
persistence and determination alone are omnipotent
  • #3,262
  • Aug 21, 2019 5:09am Aug 21, 2019 5:09am
Quoting Ll1979
{quote} Already got some news from your broker Sponge?
Still waiting

Looking at other online charts we seem to have the same range but different open /close so maybe it's because I am trading the cash charts I don't know.

I trade another platform with my broker and use MT4 for drawing/ custom indicators I don't trade from MT4
All charts/ideas based on UK time zone
  • #3,263
  • Aug 21, 2019 5:32am Aug 21, 2019 5:32am
A fine morning but I think API is this after so might just wait

Good luck
Attached Image
All charts/ideas based on UK time zone
  • #3,264
  • Aug 21, 2019 5:46am Aug 21, 2019 5:46am
Quoting sponge
{quote} We could be on a 3rd wave suggesting much more upside, 55.30 is still the party pooper if we go below. Smaller frames look like they could limit the upside, maybe side ways to up. Initial upside target 56.85 but bearish sub 55.30 My 2p Good luck
Initial target met @ 56.85 next up poss 57.30/60.04

I'm thinking a huge bull market could still be on the cards ...time will tell
All charts/ideas based on UK time zone
  • #3,265
  • Aug 21, 2019 7:03am Aug 21, 2019 7:03am
Quoting sponge
{quote} Still waiting Looking at other online charts we seem to have the same range but different open /close so maybe it's because I am trading the cash charts I don't know. I trade another platform with my broker and use MT4 for drawing/ custom indicators I don't trade from MT4
I am also trading cash derived CFDs and my charts look clean. Do you have a FCA regulated broker?
persistence and determination alone are omnipotent
  • #3,266
  • Aug 21, 2019 7:04am Aug 21, 2019 7:04am
Quoting sponge
A fine morning but I think API is this after so might just wait Good luck {image}
nice champ!
Attached Image
persistence and determination alone are omnipotent
  • #3,267
  • Aug 21, 2019 7:42am Aug 21, 2019 7:42am
Quoting Ll1979
{quote} I am also trading cash derived CFDs and my charts look clean. Do you have a FCA regulated broker?
Yes regulated I think.

Still waiting for reply I will give til tomor

It never rains, my internet is down I am teathered to mobile
All charts/ideas based on UK time zone
  • #3,268
  • Aug 21, 2019 8:01am Aug 21, 2019 8:01am
Quoting sponge
{quote} Initial target met @ 56.85 next up poss 57.30/60.04 I'm thinking a huge bull market could still be on the cards ...time will tell
Just want to exchange views.

What I see is it approaches previous supply zone and now going to make a turn, not necessarily a reversal, but a pullback
  • #3,269
  • Aug 21, 2019 8:35am Aug 21, 2019 8:35am
Quoting luckyvictor
{quote} Just want to exchange views. What I see is it approaches previous supply zone and now going to make a turn, not necessarily a reversal, but a pullback
That makes sense. However today with equities up, supply data and FOMC minutes that could change in an instant. Today may not be the best day to predict. I'm waiting for end of day to evaluate.
  • #3,270
  • Aug 21, 2019 9:40am Aug 21, 2019 9:40am
Quoting sponge
{quote} Yes regulated I think. Still waiting for reply I will give til tomor It never rains, my internet is down I am teathered to mobile
H1 chart from CL 10-19 looks clean.
Attached Image (click to enlarge)
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persistence and determination alone are omnipotent
  • #3,271
  • Aug 21, 2019 9:47am Aug 21, 2019 9:47am
Quoting sponge
{quote} Yes regulated I think. Still waiting for reply I will give til tomor It never rains, my internet is down I am teathered to mobile
Some advise

https://www.fca.org.uk/consumers/how-complain
persistence and determination alone are omnipotent
  • #3,272
  • Aug 21, 2019 10:21am Aug 21, 2019 10:21am
WTI drops below $56.50 after weekly EIA stock report
21 August 2019, 18:09

 

  1. Weekly EIA data showed larger-than-expected draw in US crude inventories.
  2. API on Tuesday also reported drop in US crude oil stocks.
  3. Easing concerns over prolonged US-China trade war help oil prices stay in green.

Although the weekly data published both by the American Petroleum Institue (API) and the Energy Information Administration (EIA) this week showed larger-than-expected draws in the US crude oil inventories, the barrel of West Texas Intermediate (WTI) struggled rise sharply.
On Tuesday, the API announced that crude oil stocks in the US fell by 3.5 million barrels compared to analysts' estimate of 1.9 million barrels. Today, the EIA reported that crude oil inventories declined by 2.73 million barrels in the week ending August 26 versus the market expectation for a draw of 1.9 million barrels.

With the initial market reaction to the EIA data, the WTI dropped to a session low of $56.15 but didn't have a difficult time recovering some of its losses. As of writing, the WTI was trading at $56.50, still adding 0.85% on the day.

The upbeat market sentiment following the latest headlines surrounding the US-China trade conflict seems to be helping to ease concerns over a dismal energy demand outlook and allow crude oil prices to trade in the positive territory. Moreover, German Finance Minister Scholz today said that they were currently practising with expansive budget policy to revive hopes of the government taking decisive measure to counter a possible recession and provided an additional boost.

persistence and determination alone are omnipotent
  • #3,273
  • Aug 21, 2019 11:27am Aug 21, 2019 11:27am
Quoting luckyvictor
{quote} Just want to exchange views. What I see is it approaches previous supply zone and now going to make a turn, not necessarily a reversal, but a pullback
Hi luckyvictor, sorry my internet was down just got connected again

Bit late now but yes to a probable pullback from 56.85 target level..looks like API helped the bears as well.

Falling back under that trend line is quite bearish, I was looking for support at 56.16 but not so far
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All charts/ideas based on UK time zone
  • #3,274
  • Aug 21, 2019 11:56am Aug 21, 2019 11:56am
Quoting auricforecas
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
I am very curious how tonights charade might affect this WTI Crude Oil as well... about an 1h to go... Man... really not good that we have to wait/rely on this kind of news...
Can you afford to take that chance?
  • #3,275
  • Aug 21, 2019 12:29pm Aug 21, 2019 12:29pm
Calling it a day, 56.16 still key I think, volume is unchanged longer term but looks a wee bit neg intraday for now

Just my opinion

Good luck
Attached Image
All charts/ideas based on UK time zone
  • #3,276
  • Aug 21, 2019 1:41pm Aug 21, 2019 1:41pm
Timber
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,277
  • Aug 21, 2019 2:13pm Aug 21, 2019 2:13pm
Quoting detector
Timber
Day after day he keeps stacking profits on his private island. The only problems he got is his internet connection but sources close to him mentioned he is getting an undersea internet backbone cable towards his private island.
persistence and determination alone are omnipotent
  • #3,278
  • Aug 21, 2019 2:13pm Aug 21, 2019 2:13pm
Is there anyone using Daily and Weekly Pivots? I use these over the Fibs. Also use the OHLC.......Great for determining the trends for the day and week!!
  • #3,279
  • Aug 21, 2019 2:37pm Aug 21, 2019 2:37pm
Quoting rfghi
Is there anyone using Daily and Weekly Pivots? I use these over the Fibs. Also use the OHLC.......Great for determining the trends for the day and week!!
Join the club i use weekly camarilla and fibonacci pivot points. Take a look at this thread where they trade it like mad men https://www.forexfactory.com/showthread.php?t=588764
persistence and determination alone are omnipotent
  • #3,280
  • Aug 21, 2019 3:02pm Aug 21, 2019 3:02pm
Quoting Ll1979
{quote} Day after day he keeps stacking profits on his private island. The only problems he got is his internet connection but sources close to him mentioned he is getting an undersea internet backbone cable towards his private island.
Li, you have to be a James Bond fan, I have a visual of Sponge being the super hero rather than the villain, well done today Sponge "Babe Ruth" your hitting this out the park
I don't need to be good at the game, only good enough to beat my opponent,
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