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WTI Crude Oil Trading

  • #3,541
  • Aug 29, 2019 2:30pm Aug 29, 2019 2:30pm
EMA20 has an upward slope and the median line has advanced. The October and April downtrend lines are intact, but PA is now close to the April line.
Attached Image(s) (click to enlarge)
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  • #3,542
  • Aug 29, 2019 5:02pm Aug 29, 2019 5:02pm
Quoting Goldminer
f... 300 pips range. I am little bit tired from it. 3 weeks without any move. {image}
It looks like there was a significant move in the early afternoon. Did something happen around 2pm? I wasn't really able to pay attention today.

Either way I'm expecting some resistance to this upward price swing pretty soon. If WTI stalls or reverses for the next 12 hours it could be a great time to short, patience is key though and keep an eye on the hurricane developments as well.
  • #3,543
  • Aug 29, 2019 5:39pm Aug 29, 2019 5:39pm
Starting to believe this move up is real. This hurricane is going to need to make it's move before I advance in any direction.
  • #3,544
  • Aug 29, 2019 11:03pm Aug 29, 2019 11:03pm
Inserted Video
persistence and determination alone are omnipotent
  • #3,545
  • Aug 29, 2019 11:25pm Aug 29, 2019 11:25pm
56.60 rejected for now.

Looking for support around yesterdays pivot, bearish below.

Haven't got a clear signal but a possible test of that trend line on the daily.
All charts/ideas based on UK time zone
  • #3,546
  • Aug 30, 2019 1:26am Aug 30, 2019 1:26am
CL ( OIL ) is go up about 100 pips in all markets ( CFD , Future , Spot )
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  • #3,547
  • Aug 30, 2019 2:01am Aug 30, 2019 2:01am
Quoting sponge
56.60 rejected for now. Looking for support around yesterdays pivot, bearish below. Haven't got a clear signal but a possible test of that trend line on the daily.

Price keeps hoovering around trendline (4H) makes you think it wants to break out.
Attached Image (click to enlarge)
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persistence and determination alone are omnipotent
  • #3,548
  • Aug 30, 2019 2:59am Aug 30, 2019 2:59am
Closed short with a small loss. I'll wait till next week when September kicks off lets hope there's some direction then.
  • #3,549
  • Aug 30, 2019 3:09am Aug 30, 2019 3:09am
Same here.
I'm also on the sidelines with no new positions opened.
We revisit next week.....
4&1 All Time Profit: $37,496
  • #3,550
  • Aug 30, 2019 3:31am Aug 30, 2019 3:31am
WTI CORRECTS FROM SIX-DAY TOPS TO $ 56, US RIGS DATA EYED
30 August 2019, 13:07

 

  1. Oil downed but eyes big weekly gain amid US-China trade optimism.
  2. Looming Florida hurricane and declining US crude stocks support oil.
  3. All eyes on US Rigs Count data and trade-related news for fresh cues.

WTI (futures on Nymex) stalled its corrective slide from six-day tops of 56.89 just ahead of the 56 handle, as markets await the US data and fresh developments on the US-China trade front for the next direction.
Oil remains at the mercy of trade headlines
Despite risk-on market profile amid latest optimistic trade remarks by China’s Foreign Ministry, oil prices remain on the back foot, as investors look to take profits off the table after four straight days of gains. The black gold is on track to book over 2% gain this week.

The barrel of WTI rallied hard on Thursday, as the risk sentiment was boosted by renewed hopes of a US-China trade progress after the Chinese Commerce Ministry indicated that they seek no retaliation to the additional US tariffs that take effect on Sept 1. Further, the US President Trump announced lower levels of trade talks between both the countries.

Further, the bulls also cheered a big drawdown in the US inventories, which fell last week by 10 million barrels against expectations for a decrease of 2.1 million barrels, as reported by the Energy Information Administration (EIA).

Additionally, the prices also derived support from the report that Hurricane Dorian was approaching toward Florida that raised fears over the offshore US. crude production shutdown, as cited by Reuters.

persistence and determination alone are omnipotent
  • #3,551
  • Aug 30, 2019 3:32am Aug 30, 2019 3:32am
Quoting fareshamdan1
CL ( OIL ) is go up about 100 pips in all markets ( CFD , Future , Spot ) {image}
i think it establish base to go up about 80 to 100 pip in the US period because the market must re-balance
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  • #3,552
  • Aug 30, 2019 3:58am Aug 30, 2019 3:58am
Inserted Video
persistence and determination alone are omnipotent
  • #3,553
  • Aug 30, 2019 7:29am Aug 30, 2019 7:29am
Possible EMA20 crossover -- waiting for confirmation
Attached Image (click to enlarge)
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  • #3,554
  • Aug 30, 2019 7:39am Aug 30, 2019 7:39am
I have volume negative below 55.25 for now.

I caught a good bit of the drop, made up some losses, yesterday was a real crapper for me.

Account up for the week that's the main thing.
All charts/ideas based on UK time zone
  • #3,555
  • Aug 30, 2019 7:41am Aug 30, 2019 7:41am
Quoting sponge
I have volume negative below 55.25 for now. I caught a good bit of the drop, made up some losses, yesterday was a real crapper for me. Account up for the week that's the main thing.
it's all about compounding interest
persistence and determination alone are omnipotent
  • #3,556
  • Aug 30, 2019 7:48am Aug 30, 2019 7:48am
Russia's Novak: August oil cuts will be slightly below those agreed with OPEC+
30 August 2019, 17:43

According to RIA and Interfax news agencies, Russian Energy Minister Alexander Novak today said that Russia's oil output cuts in August will be slightly below those agreed with OPEC+.
"OPEC and non-OPEC countries will discuss the deal and the market situation at the Monitoring Committee meeting on September 12," Novak announced. "Russia is aiming for full compliance with the deal despite a slight increase in output in August."
Crude oil prices came under pressure on these comments and the barrel of West Texas Intermediate was last seen down 2.5% on the day at $55.20.
persistence and determination alone are omnipotent
  • #3,557
  • Aug 30, 2019 7:50am Aug 30, 2019 7:50am
Quoting Ll1979
{quote} it's all about compounding interest
Sometimes it's all about capital preservation and you have to work really hard
All charts/ideas based on UK time zone
  • #3,558
  • Aug 30, 2019 7:53am Aug 30, 2019 7:53am
Quoting sponge
{quote} Sometimes it's all about capital preservation and you have to work really hard
Yup trading isn't easy it takes a lot of discipline certainly when your facing a drawdown.
persistence and determination alone are omnipotent
  • #3,559
  • Aug 30, 2019 8:05am Aug 30, 2019 8:05am
Price... respecting weekly pivot level at the time of this post
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Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #3,560
  • Aug 30, 2019 8:16am Aug 30, 2019 8:16am
nice breakout play on dax
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persistence and determination alone are omnipotent
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