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WTI Crude Oil Trading

  • #4,921
  • Nov 7, 2019 8:32am Nov 7, 2019 8:32am
WTI looks like it is exiting the long-standing wedge, either upward or sideways. Upward could develop some momentum to carry substantially higher, but this could require some geopolitical factor to drive it.
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  • #4,922
  • Nov 7, 2019 9:32am Nov 7, 2019 9:32am
#oil has reached approx 50% level of decline from Major SLKT to Minor Panic Low. In this obstacles, we should expect resistance. So, yesterday Van Damme pattern volatility could be used for fixing longs kept within orange channel. Bulls got a mid-term problem IMO

Follow my thread
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Oleg Alexandrov, market analyst. Find me in Google
  • #4,923
  • Nov 7, 2019 9:45am Nov 7, 2019 9:45am
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yes yes yes
  • #4,924
  • Nov 7, 2019 11:51am Nov 7, 2019 11:51am
Quoting sponge
{quote} As usual I have no idea about fundies, to be honest I never will Charts and spooky only for me 57.78 is a spooky level Big news is always used by the pro's so lets see how it pans out this time
57.78 is still resistance, I'd say volume is positive at the moment so we may break this level, very bullish if we do
All charts/ideas based on UK time zone
  • #4,925
  • Nov 7, 2019 12:30pm Nov 7, 2019 12:30pm
Quoting sponge
{quote} 57.78 is still resistance, I'd say volume is positive at the moment so we may break this level, very bullish if we do
How do you tell/why would you consider volume is positive please?

I always want to learn on this regard, getting more info from volume, not only the price action
  • #4,926
  • Nov 7, 2019 1:35pm Nov 7, 2019 1:35pm
Volume makes sense on the 4hr now, pleased I followed what the chart dictated, although I closed my long, and I'm always a little apprehensive, not my fave, it was the right one.
EDIT
Don't think the bun fight is over, I see 60+ if she goes, the daily is gearing up for something, I could be wrong.
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,927
  • Nov 7, 2019 1:47pm Nov 7, 2019 1:47pm
Opened a small speculative buy, nothing that will make me rich but trusting the chart, kiss of death, D
EDIT
57.06
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,928
  • Nov 7, 2019 2:01pm Nov 7, 2019 2:01pm
Quoting sponge
{quote} 57.78 is still resistance, I'd say volume is positive at the moment so we may break this level, very bullish if we do
Typical volume it has turned negative
All charts/ideas based on UK time zone
  • #4,929
  • Nov 7, 2019 2:03pm Nov 7, 2019 2:03pm
Quoting luckyvictor
{quote} How do you tell/why would you consider volume is positive please? I always want to learn on this regard, getting more info from volume, not only the price action
I had a volume indi coded...big subject best do a google
All charts/ideas based on UK time zone
  • #4,930
  • Nov 7, 2019 2:05pm Nov 7, 2019 2:05pm
Quoting sponge
{quote} Typical volume it has turned negative
Sponge, 77 4hr bars back seems re-occurring at this level, only problem is the price is a little higher, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,931
  • Nov 7, 2019 2:20pm Nov 7, 2019 2:20pm
Quoting detector
{quote} Sponge, 77 4hr bars back seems re-occurring at this level, only problem is the price is a little higher, D
It's been a bit of a mixed bag for old peaky lately
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All charts/ideas based on UK time zone
  • #4,932
  • Nov 7, 2019 2:30pm Nov 7, 2019 2:30pm
Quoting sponge
{quote} It's been a bit of a mixed bag for old peaky lately {image}
Think this was the year I played on the M25 when it was being built, the summer was long and hot, my "Tom Sawyer days" just hope your time line is not the end of the world while we reminisce our younger days,
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,933
  • Nov 7, 2019 2:31pm Nov 7, 2019 2:31pm
Quoting sponge
{quote} I had a volume indi coded...big subject best do a google
Is this the wyckoff volume analysis that you are using?
  • #4,934
  • Nov 7, 2019 2:58pm Nov 7, 2019 2:58pm
56.50 to add if it drops, and it looks like it could, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,935
  • Nov 7, 2019 3:50pm Nov 7, 2019 3:50pm
Quoting detector
Opened a small speculative buy, nothing that will make me rich but trusting the chart, kiss of death, D EDIT 57.06
I closed the long for the break, need to be in control,on resumption I will look to re-open, seems very quiet on here tonight, think I have that effect, imagine if I was here during the dayD
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,936
  • Nov 7, 2019 5:37pm Nov 7, 2019 5:37pm
Since liquidity is light, this should be taken with a grain of salt. Crude (CL CME front-month) is holding above $57, and also about to break higher from where it opened a little over 30 mins ago. The bullishness in WTI seems like it could continue.
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I'm going to keep an eye on that $57 handle. Above that I won't short it. A clear break, then maybe that's time to short.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #4,937
  • Nov 7, 2019 7:20pm Nov 7, 2019 7:20pm
I'm short to 56 + 54.50. I think this is going to chop around with the Aramco IPO and OPEC on the 5-6 of Dec.

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Sounds like some games maybe played.
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  • #4,938
  • Nov 7, 2019 11:24pm Nov 7, 2019 11:24pm
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yes yes yes
  • #4,939
  • Nov 8, 2019 2:12am Nov 8, 2019 2:12am
Quoting luckyvictor
{quote} Is this the wyckoff volume analysis that you are using?
No I have my own method.

I think volume is very much a "thinking" indicator you don't just get a signal arrow or a crossover as with ma's ect.

Here's a simple method on a random chart monthly/weekly.....carry these through to the lower time frames.

Always good with hindsight of course but I'm sure you'll get the idea.

Wyckoff sucks...just my opinion
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All charts/ideas based on UK time zone
  • #4,940
  • Nov 8, 2019 4:50am Nov 8, 2019 4:50am
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yes yes yes
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