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WTI Crude Oil Trading

  • #7,981
  • May 5, 2020 2:08pm May 5, 2020 2:08pm
little volume, but my best guess Brent should top at ~29,5
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  • #7,982
  • May 5, 2020 3:35pm May 5, 2020 3:35pm
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persistence and determination alone are omnipotent
  • #7,983
  • May 5, 2020 3:51pm May 5, 2020 3:51pm
Quoting kuroro001
{quote} When you look at the h4 chart, 10 candles of green in a row, 40 hours of non stop rise. Crazy rise
I definitely wouldn't be betting against it right now. That's a rally I'm okay missing.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #7,984
  • May 5, 2020 4:09pm May 5, 2020 4:09pm
WTI went up by $2.70 or 16% today. The chart went up at a 45 degree angle from midday yesterday. This is very unusual and I think it's unlikely to continue
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  • #7,985
  • May 5, 2020 4:53pm May 5, 2020 4:53pm
7 more business days until the June contract rolls over into July...

https://www.theice.com/products/213/...Futures/expiry
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  • #7,986
  • May 5, 2020 9:58pm May 5, 2020 9:58pm
Hi Guys, to be honest: THAT RALLY IS A F*** JOKE. Sorry, to be so harsh. Fundamentally nothing has changed,- I talk about supply and demand. There is still too much Oil produced in comparison to the usage, even with the shortage of 10-15 Bill. Barrel. When the economy worldwide is open fully again, than the demand and offer, currently!!, would be in sync but we are far away from that!!

I mean Crude Oil Inventories are rising, still! Guys, last week we were at $12.50, now $25. Serious? Overflowing tanks worldwide.

I must be honest with you: Of course we know they like to crush the shorties or the "retail" traders but that is redicoulous. That Goldman Sachs is saying everything is fine now does not wonder me. They crush the people now because they see the stop-loss around $30 dollars.

I stay away from that market, it is highly manipulated, same like dow and s&p500. Again, please ask yourself: last week 12.50, now 25, no big news change. I hope the complete financial system goes not to hell with such crazy moves. You cannot take that serious anymore.
  • #7,987
  • May 6, 2020 3:17am May 6, 2020 3:17am
For those trading brent:

I received analysis from my broker (most of the time they are correct). They suggest go LONG at market price with TP ~38USD

Justification: OPEC+ countries need oil price higher (most countries need 50usd to balance their budget) and they want to show official cuts figures to drive price higher.

OIL BRENT rollout scheduled @19th May
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  • #7,988
  • May 6, 2020 3:40am May 6, 2020 3:40am
Quoting mario83
For those trading brent: I received analysis from my broker (most of the time they are correct). They suggest go LONG at market price with TP ~38USD Justification: OPEC+ countries need oil price higher (most countries need 50usd to balance their budget) and they want to show official cuts figures to drive price higher. OIL BRENT rollout scheduled @19th May {image}
seem it was right, already trading 1USD higher from posting
  • #7,989
  • May 6, 2020 3:56am May 6, 2020 3:56am
Quoting JackintheBox
Hi Guys, to be honest: THAT RALLY IS A F*** JOKE. Sorry, to be so harsh. Fundamentally nothing has changed,- I talk about supply and demand. There is still too much Oil produced in comparison to the usage, even with the shortage of 10-15 Bill. Barrel. When the economy worldwide is open fully again, than the demand and offer, currently!!, would be in sync but we are far away from that!! I mean Crude Oil Inventories are rising, still! Guys, last week we were at $12.50, now $25. Serious? Overflowing tanks worldwide. I must be honest with you: Of course...
Fundamentally everything has changed. Countries are starting to re-open. What did you expect? OIL to go to 0$. Lol, are you that naive.

And once again, retail traders are a spec of dust in trading world. They have no interest in you or anyone with his 500$ account. Don't be an egoist.
  • #7,990
  • May 6, 2020 4:00am May 6, 2020 4:00am
Quoting kuroro001
Another 3 to 5 dollars upside before big resistance comes into play
1 to 3 dollars left now before facing strong resistance
COT: The precious data ignored
  • #7,991
  • May 6, 2020 4:02am May 6, 2020 4:02am
Quoting merquise
{quote} Fundamentally everything has changed. Countries are starting to re-open. What did you expect? OIL to go to 0$. Lol, are you that naive. And once again, retail traders are a spec of dust in trading world. They have no interest in you or anyone with his 500$ account. Don't be an egoist.
From cnbc, bloomberg, and gurus on twitter, all pros wanted you to believe oil would to 0.

All retailers sold into it....While pros were buying it. Classic move. Its not the first one, and it won't be the last
COT: The precious data ignored
  • #7,992
  • May 6, 2020 4:05am May 6, 2020 4:05am
Quoting merquise
{quote} Fundamentally everything has changed. Countries are starting to re-open. What did you expect? OIL to go to 0$. Lol, are you that naive. And once again, retail traders are a spec of dust in trading world. They have no interest in you or anyone with his 500$ account. Don't be an egoist.
Could not agree more. Look at news what everyone is talking about, look at the oil cuts and policy makers.
On the other hand there is one important rule:

Market is buying rumors / hopes
Selling facts.

When cuts were discussed oil was raising, once they agreed for the cuts it was already priced in and the disappointment made another selling rally. It is the same with stocks / FX / whatever policy makers do its already priced in because market tries to predict the results and nobody wants to be left.

Same situation is now, they now it will get better, lockdowns are eased so this drives the price higher. Add the ongoing cuts on top of that and here we go ....
  • #7,993
  • May 6, 2020 4:11am May 6, 2020 4:11am
Quoting kuroro001
{quote} From cnbc, bloomberg, and gurus on twitter, all pros wanted you to believe oil would to 0. All retailers sold into it....While pros were buying it. Classic move. Its not the first one, and it won't be the last
Yeah, well to each of his own I guess. It's sad tho looking at all these analysts here predicting with their 100 indicator charts the exact prices. One would think they are here just for the laughs when not counting their fortune.
  • #7,994
  • May 6, 2020 6:11am May 6, 2020 6:11am
Quoting JackintheBox
I stay away from that market, it is highly manipulated, same like dow and s&p500........ You cannot take that serious anymore.
personally, I dished the fundamentals long time ago.
It is nearly impossible to align technical with fundamentals and trade based off of that.
making money in JimB2468 trading room
  • #7,995
  • May 6, 2020 6:27am May 6, 2020 6:27am
Quoting KamaZ
Hi guys. what do you think about my broker and his spot crude chart?
chart
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  • #7,996
  • May 6, 2020 7:04am May 6, 2020 7:04am
Please fasten your seat belts. Next station is $20
  • #7,998
  • May 6, 2020 7:59am May 6, 2020 7:59am
Quoting DMA Trader
{quote} reason for my short stop near 27.4 {image}
out of june near 22.8
will look for an entry in jully
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #7,999
  • May 6, 2020 9:38am May 6, 2020 9:38am
pretty good actuals compared to forecast, yet gains from announcements seem to be reversed within minutes. might end up going higher in next hour or so but seems like there is quite a bit of a selling pressure. maybe people start realising that storage is still a real problem (?)
US EIA Crude Oil Inv. Actual 4.590M (Forecast 7.759M, Previous 8.991M)
  • #8,000
  • May 6, 2020 9:47am May 6, 2020 9:47am
Quoting tonny47
pretty good actuals compared to forecast, yet gains from announcements seem to be reversed within minutes. might end up going higher in next hour or so but seems like there is quite a bit of a selling pressure. maybe people start realising that storage is still a real problem (?) US EIA Crude Oil Inv. Actual 4.590M (Forecast 7.759M, Previous 8.991M)
I guess it shall go higher. Have you guys heard about airlines putting their planes in the air from June 1st? Heard of Wizzar / RynAir so far. Some other EU airlines planns to launch first flights (most likely domestic?). Don't know about US and Latin America.
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