Big moves have been occurring in London session and then it’s a nasty sideways chop in New York session. Sucks. Hope we get some movement today
- #8,022
- May 7, 2020 8:52am May 7, 2020 8:52am
- Joined Nov 2008 | Status: Full Time Trader | 10,867 Posts
- #8,024
- May 7, 2020 11:56am May 7, 2020 11:56am
- Joined Apr 2010 | Status: Lazy trader on D1 charts | 5,901 Posts
Big moves have been occurring in London session and then it’s a nasty sideways chop in New York session. Sucks. Hope we get some movement today
{quote} Tomorrow's London trading will be worse because of a bank holiday but then the NY session will be fun with a slew of economic news (probably bad)
- #8,030
- May 7, 2020 2:57pm May 7, 2020 2:57pm
- Joined May 2019 | Status: iTrade | 1,838 Posts
approaching yesterdays support, does it have the juice to break it? doubt it
Here's what it looks like on the CME CL futures:
We must learn who is gold, and who is gold plated
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- #8,032
- May 7, 2020 4:15pm May 7, 2020 4:15pm
- Joined Apr 2010 | Status: Lazy trader on D1 charts | 5,901 Posts
Although WTI was down by $0.42 today the trading range was $2.40 with only two nice big trades
- #8,034
- May 8, 2020 2:44am May 8, 2020 2:44am
- Joined Dec 2008 | Status: Trader | 2,931 Posts
persistence and determination alone are omnipotent
- #8,035
- May 8, 2020 3:46am May 8, 2020 3:46am
- Joined Oct 2008 | Status: Trader | 1,511 Posts
These were my trades before hitting the hay last night. Nice to wake up to the south traffic morning. The 200 sma (red, WTI 4H chart) is such a hot piece of TA. Booked them this morning (its now evening here)…. didn't like the look of either chart's daily candles, (highly probability price would retrace again during Europe session today) nor the bullish traffic yesterday during Europe session promptly undone by the US session and likelihood of that repeating itself today.
The 61.8 fib is playing a role today, but not enough certainty to short or long it atm. Prefer more stability, less uncertainty/volatility.
- #8,037
- May 8, 2020 6:13am May 8, 2020 6:13am
- Joined Oct 2008 | Status: Trader | 1,511 Posts
Two underlying issues for oil at present, imo….
1. Contract roll over end of next week, market will either buy ahead of this event or get the jitters about the on-going lack of storage capacity and the potential to revisit May's negative territory.
2. The USD - given oil contracts are settled in USD only, and given the US Fed seems to be deliberately weakening the dollar by buying junk bonds, flooding the market with more (worthless) helicopter money, maxxing out US debt, and now also talking about sending the dollar into negative interest rate territory. These factors could cause oil to rise to compensate for dollar weakness.
And then of there is NFP shortly (hasn't been the whiz bang affair it used to be during the last few years), and consumer behaviour being the primary driver in current consumption/demand levels. And let's not talk about those imaginary China trade deals
Perhaps this guy could lend us his services for calling oil? He seems to have the ending right.....
1. Contract roll over end of next week, market will either buy ahead of this event or get the jitters about the on-going lack of storage capacity and the potential to revisit May's negative territory.
2. The USD - given oil contracts are settled in USD only, and given the US Fed seems to be deliberately weakening the dollar by buying junk bonds, flooding the market with more (worthless) helicopter money, maxxing out US debt, and now also talking about sending the dollar into negative interest rate territory. These factors could cause oil to rise to compensate for dollar weakness.
And then of there is NFP shortly (hasn't been the whiz bang affair it used to be during the last few years), and consumer behaviour being the primary driver in current consumption/demand levels. And let's not talk about those imaginary China trade deals
Perhaps this guy could lend us his services for calling oil? He seems to have the ending right.....
Inserted Video
- #8,040
- May 8, 2020 8:52am May 8, 2020 8:52am
- Joined Dec 2008 | Status: Trader | 2,931 Posts
persistence and determination alone are omnipotent