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WTI Crude Oil Trading

  • #8,661
  • Jul 6, 2020 4:19pm Jul 6, 2020 4:19pm
WTI went up by $0.43 today with a tight trading range of $0.90. Interestingly it broke the $40 price twice.
Attached Image (click to enlarge)
Click to Enlarge Name: WTICOUSDM2.png Size: 40 KB
  • #8,662
  • Jul 7, 2020 4:37am Jul 7, 2020 4:37am
Last chance today for a higher high candle on Daily graph, failure to reach it might indicate the end of upward momentum. Possibly followed by a crash to 25.
  • #8,663
  • Jul 7, 2020 9:29am Jul 7, 2020 9:29am
Price action is very weird. Just closed a long, doesn’t seem willing or able to break higher for now
  • #8,664
  • Jul 7, 2020 9:36am Jul 7, 2020 9:36am
Quoting Kwame Freder
Price action is very weird. Just closed a long, doesn’t seem willing or able to break higher for now
It also completely refuses to drop despite spending some time below daily pivot today which is quite rare lately. Daily looks like ascending bullish triangle. Reversed at the most obvious 40 level.
  • #8,665
  • Jul 7, 2020 9:41am Jul 7, 2020 9:41am
Quoting mades
{quote} It also completely refuses to drop despite spending some time below daily pivot today which is quite rare lately. Daily looks like ascending bullish triangle. Reversed at the most obvious 40 level.
It dropped enough to let me out of a stupid short I was stuck in from last week and enabled me to go long. My bias is still bullish but the longer this goes on may indicate a drop is coming
  • #8,666
  • Jul 7, 2020 9:56am Jul 7, 2020 9:56am
Quoting Kwame Freder
{quote} It dropped enough to let me out of a stupid short I was stuck in from last week and enabled me to go long. My bias is still bullish but the longer this goes on may indicate a drop is coming
Yeah I would like to see the 'spring pattern' so that price creates new high looking for stops-liquidity only to be dramatically reversed. That would help to get the drop. Still the way it reverses intraday moves lately every day now is seriously fcked up. Pure pain for anyone trading PA on intraday timeframes.
  • #8,667
  • Jul 7, 2020 12:06pm Jul 7, 2020 12:06pm
one more rejection on a 15 min chart and i am taking a short. hopefully to the other side
  • #8,668
  • Jul 7, 2020 12:12pm Jul 7, 2020 12:12pm
Quoting Kwame Freder
one more rejection on a 15 min chart and i am taking a short. hopefully to the other side
Can I ask you all! What timeframe is the best to "gamble on" for a day trade? I suspect you are all making money everyday but are you sat there all day looking at the screen?! :-) Renovating a property in the meantime!!! Haha.... ;-)
  • #8,669
  • Jul 7, 2020 12:48pm Jul 7, 2020 12:48pm
the 1 hour chart is the best for direction, 15 minute for entry
  • #8,670
  • Jul 7, 2020 1:14pm Jul 7, 2020 1:14pm
Quoting swissclaire
{quote} Can I ask you all! What timeframe is the best to "gamble on" for a day trade? I suspect you are all making money everyday but are you sat there all day looking at the screen?! :-) Renovating a property in the meantime!!! Haha.... ;-)
Depends on your style, experience, the type of asset .. but if you don't trade pure candle formations/price action/reading tape, you can have indicator signals sent to your phone (if you use metatrader) and don't need to watch the screen while still following your trading rules. In my case, the more I watch the more I am prone to make mistakes. But others have nerves of steel and can withstand even a dramatic drawdown. I admire that ability.
  • #8,671
  • Jul 7, 2020 2:49pm Jul 7, 2020 2:49pm
Quoting Kwame Freder
one more rejection on a 15 min chart and i am taking a short. hopefully to the other side
exited the trade. just noticed inventory report coming out shortly
  • #8,672
  • Jul 7, 2020 4:12pm Jul 7, 2020 4:12pm
WTI lost $0.10 today in a low trading range. It seems that it cannot close above $40.
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Click to Enlarge Name: WTICOUSDM2.png Size: 43 KB
  • #8,673
  • Jul 8, 2020 4:11am Jul 8, 2020 4:11am
Once they start dumping their longs....it'll be ugly

Attached Image
COT: The precious data ignored
  • #8,674
  • Jul 8, 2020 4:39am Jul 8, 2020 4:39am
Kinda sad whats happening to crude now. Wish my broker had natgas.
  • #8,675
  • Jul 8, 2020 7:11am Jul 8, 2020 7:11am
Quoting mades
Kinda sad whats happening to crude now. Wish my broker had natgas.
If you like vol, you'll have fun trading live cattle, or coffee
Good money to be made while trading cocoa, lean hogs or soybean as well

No wonder commodities traders are the wealthier ever compared to stocks/fx
COT: The precious data ignored
  • #8,676
  • Jul 8, 2020 7:25am Jul 8, 2020 7:25am
Inventory numbers out today, may get a break out. Bulls still in business
  • #8,677
  • Jul 8, 2020 9:07am Jul 8, 2020 9:07am
Can anyone tell
Bay Will be sell
  • #8,678
  • Jul 8, 2020 9:36am Jul 8, 2020 9:36am
If it won't drop today it won't at all .. such bad numbers, forecast totally off.
  • #8,679
  • Jul 8, 2020 9:47am Jul 8, 2020 9:47am
This is a proper crapshoot
  • #8,680
  • Jul 8, 2020 10:34am Jul 8, 2020 10:34am
There is just no path for it to drop .. daily pivot in confluence with daily open stops every attempt. I guess we see 41 today. Also daily range 52 points till now in a major news day, wtf is that.
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