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  • #7,941
  • Edited 12:05pm May 4, 2020 11:53am | Edited 12:05pm
Quoting Ll1979
Hope one day the CMEgroup will introduce micro WTI futures so everybody can profit from it. I've seen a lot of crap last couple of weeks with some CFD trader on this thread.
CME has eleven different crude oil products, one of which is a mini. Hey, half size. Big deal - neither here nor there. But they are cash settled, and we have to be grateful for small mercies.

Buggered if I have heard of some of the others.

Edit - I reckon its over 20 years since I have traded a spot month, anyway. Steer well clear - delivery being one aspect, and skewed pricing in commodities another. Yeah, I got done once on silver (??) - once bitten twice shy.
  • #7,942
  • May 4, 2020 2:51pm May 4, 2020 2:51pm
I can't help but notice the lack of volume during the recent rally in oil prices.
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  • #7,943
  • May 4, 2020 3:58pm May 4, 2020 3:58pm
I think this volume / price divergence is a bullish trap. I think of two possible scenarios:
1. The price returns to confirm the support of 20 USD and enough volume enters to justify a further rise until Friday.
2. The price continues to rise without volume until Thursday and next week it falls again sharply to $ 20.
Volume is our guide. The price of CME options too.

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  • #7,944
  • May 4, 2020 4:41pm May 4, 2020 4:41pm
Quoting Suryananda
I think this volume / price divergence is a bullish trap. I think of two possible scenarios: 1. The price returns to confirm the support of 20 USD and enough volume enters to justify a further rise until Friday. 2. The price continues to rise without volume until Thursday and next week it falls again sharply to $ 20. Volume is our guide. The price of CME options too. {image} .
Volume is not a good indicator when using forex brokers since when a trader buys one lot or 200 lots the volume count is the same. So a trade of one lot has a volume of 1 and the trade of 200 lots has also a volume of 1. Volume is a better indicator when using a commodity broker since it indicates the number of contracts traded. The problem that remains is that a small commodity dealer will always have a lesser number of contracts traded than a large commodity dealer. It looks like that no matter the type of broker used volume cannot be used as a leading indicator.
  • #7,945
  • May 4, 2020 4:43pm May 4, 2020 4:43pm
WTI went up by $1.17 or 8% today. Its best performance in quite a while. The question that nobody can answer is that will this uptrend continue?
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  • #7,946
  • May 4, 2020 5:05pm May 4, 2020 5:05pm
Quoting Hutch
{quote} Volume is not a good indicator when using forex brokers since when a trader buys one lot or 200 lots the volume count is the same. So a trade of one lot has a volume of 1 and the trade of 200 lots has also a volume of 1. Volume is a better indicator when using a commodity broker since it indicates the number of contracts traded. The problem that remains is that a small commodity dealer will always have a lesser number of contracts traded than a large commodity dealer. It looks like that no matter the type of broker used volume cannot be...
Admiral Markets and AMP Global provide the futures volumes.

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  • #7,947
  • May 5, 2020 1:48am May 5, 2020 1:48am
Quoting Suryananda
{quote} Admiral Markets and AMP Global provide the futures volumes. {image} .
Future CFD volume not Future Volume, it's a bit different
  • #7,948
  • May 5, 2020 1:55am May 5, 2020 1:55am
#BRENT / H4
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  • #7,949
  • May 5, 2020 1:56am May 5, 2020 1:56am
5 May 2020

Previous high following the breakout has respected the handle as support and now we moving making new highs and higher lows, as such looking to begin buying
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  • #7,951
  • May 5, 2020 6:05am May 5, 2020 6:05am
Last Friday, this pattern appeared on WTI and Brent - in technical analysis, these are called ascending wedges or bull flags. When price breaks above the horizontal of the triangular flag, it typically continues north. As price approaches the tight corner of the wedge, it pops up and typically continues north.
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  • #7,952
  • May 5, 2020 6:21am May 5, 2020 6:21am
Now then, let's look at the weekly charts for both, and what do we see? Bull hammers on both. And not just hammers, but tweezer hammers.
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  • #7,953
  • May 5, 2020 8:08am May 5, 2020 8:08am
This slow and steady rise in oil must hurt the bears looking at negative oil price again...
COT: The precious data ignored
  • #7,954
  • May 5, 2020 8:25am May 5, 2020 8:25am
Another 3 to 5 dollars upside before big resistance comes into play
COT: The precious data ignored
  • #7,955
  • May 5, 2020 8:31am May 5, 2020 8:31am
i am not saying it can not rise but yes its rising at a point where its need to go down so waiting for downfall as open interest will decrease, increase more with volume, i will short as the data suggest i am not long in this market at present.


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  • #7,956
  • May 5, 2020 8:33am May 5, 2020 8:33am
[quote = Ayax.TSS; 12919497] #BRENT / H4 {imagen} [/ quote]
are you trolling people on your free-time?
  • #7,957
  • May 5, 2020 8:39am May 5, 2020 8:39am
this slow rise up is painful to watch because i had a very large long position as the price was going down two weeks ago and lost a lot and then too scared to jump back in the long as thinking every day it will go lower.
  • #7,958
  • May 5, 2020 8:46am May 5, 2020 8:46am
Quoting tonny47
this slow rise up is painful to watch because i had a very large long position as the price was going down two weeks ago and lost a lot and then too scared to jump back in the long as thinking every day it will go lower.
I guess its the case of most people. Most were scared that after the dump and the bounce, we'd have the same scenario in may

I'll only think of shorting with oil at 50/60 dollars
COT: The precious data ignored
  • #7,959
  • May 5, 2020 8:53am May 5, 2020 8:53am
Quoting tonny47
this slow rise up is painful to watch because i had a very large long position as the price was going down two weeks ago and lost a lot and then too scared to jump back in the long as thinking every day it will go lower.
i had the same situation. Lost lot of money on long positions and had to cut them off on huge loss to avoid another margin call and didnt want to add more to the account as scenarios were really bad. Jumped in back with 30% of the initial position and now gain back just 1/3 ... still 2/3 to get back from the market.

anyways, happy for everyone who gained on that rally.

Trump also is happy as he tweeted seing pirce rising ))
  • #7,960
  • May 5, 2020 9:00am May 5, 2020 9:00am
i was determined to hold oil till 0 because, it cant get any worse, right?! I was already trading June contract when i saw May contract going negative. that made me realise that my losses could be lot larger than thought. that really paralyzed me. if i had stuck to my original plan, I would have made a lot. thats life i guess
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