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WTI Crude Oil Trading

  • #8,941
  • Oct 19, 2020 5:13am Oct 19, 2020 5:13am
Trying to short.
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Money Maker
  • #8,942
  • Oct 19, 2020 5:32am Oct 19, 2020 5:32am
Quoting FireLazi
Trying to short.{image}
Me too. Hopefully it will go to around $39. Fundamentals seem weak for oil
  • #8,943
  • Oct 19, 2020 11:50am Oct 19, 2020 11:50am
Quoting tonny47
{quote} Me too. Hopefully it will go to around $39. Fundamentals seem weak for oil
Still holding my short - hopefully will break to the downside

Nothing overly positive seemed to have come out from JMMC's meeting earlier today.

Russia’s Energy Mininster said that they see a shortage in the oil market - could this mean that Russia is not going to extend the cuts...

We shall see
  • #8,944
  • Oct 19, 2020 2:28pm Oct 19, 2020 2:28pm
WTI went down 5¢ today but it failed to break the double top high of $41.10. With an ATR that was less than half of its 10-day average trading was quiet.
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  • #8,945
  • Oct 20, 2020 2:16pm Oct 20, 2020 2:16pm
WTI went up 31¢ today and using Renko brick size of 10 ticks there were no losing trades with one breaking even.
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  • #8,946
  • Oct 20, 2020 2:16pm Oct 20, 2020 2:16pm
Shorts be careful with these politicians and this stimulus package. I think the market is looking for a reason to fly and if that bill is passed it just May
  • #8,947
  • Oct 21, 2020 1:57am Oct 21, 2020 1:57am
Quoting Kwame Freder
Shorts be careful with these politicians and this stimulus package. I think the market is looking for a reason to fly and if that bill is passed it just May
Definitely good to keep an eye on that but the way it's currently going, it doesn't seem it's going to be approved pre-election. What time does senate meet today to vote?
  • #8,948
  • Oct 21, 2020 9:06am Oct 21, 2020 9:06am
Quoting Kwame Freder
Shorts be careful with these politicians and this stimulus package. I think the market is looking for a reason to fly and if that bill is passed it just May
All these so called stimulus packages are taxpayers traps since sooner or later taxes will have to increase to pay for the "generosity" of the government and this surely will crash the market and make many of my compatriots poorer. Not a happy prospect.
  • #8,949
  • Oct 21, 2020 9:25am Oct 21, 2020 9:25am
Quoting Hutch
{quote} All these so called stimulus packages are taxpayers traps since sooner or later taxes will have to increase to pay for the "generosity" of the government and this surely will crash the market and make many of my compatriots poorer. Not a happy prospect.
True, but should be positive short term for oil
  • #8,950
  • Oct 21, 2020 2:16pm Oct 21, 2020 2:16pm
Quoting tonny47
{quote} True, but should be positive short term for oil
Not positive today as WTI went down $1.31 with a high ATR of 179 so trading was active. It seems that WTI cannot stay above $40 for long before going down below that price but shorting looks dangerous at this time.
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  • #8,951
  • Oct 22, 2020 12:01pm Oct 22, 2020 12:01pm
Quoting Hutch
{quote} Not positive today as WTI went down $1.31 with a high ATR of 179 so trading was active. It seems that WTI cannot stay above $40 for long before going down below that price but shorting looks dangerous at this time. {image}
Lots of uncertainty around stimulus and they are not keen to approve it before elections. There was a stimulus on 23 March also but that didn't prevent market collapsing. Different situation but still. Interesting to see how this is going to play out. Short term I would say sell off to 35-37 and next year around 50 is my guess
  • #8,952
  • Oct 22, 2020 12:12pm Oct 22, 2020 12:12pm
Completely unjustified oil growth today ... I don't understand something, I missed something ... or ...?
  • #8,953
  • Oct 22, 2020 1:10pm Oct 22, 2020 1:10pm
Quoting kstiks
Completely unjustified oil growth today ... I don't understand something, I missed something ... or ...?
I think 40 acts as a strong support plus stimulus conversation are still ongoing.

Closed my short for 50 cent profit. Shorted again at 40.82 but chicken out when Putin said he is happy to extend cuts into 2021 so closed at break even
  • #8,954
  • Oct 22, 2020 2:00pm Oct 22, 2020 2:00pm
I'm also waiting for a short 41.15 but I'm closing at 39.07 or something like this I don't want before. The second wave of Corona virus should not be ignored .... there are more and more problems. There's still room to move down .... I hope.
  • #8,955
  • Oct 22, 2020 2:17pm Oct 22, 2020 2:17pm
WTI went up 62¢ today but still barely above $40. WTI doesn't know where to go yesterday was a down day and today an up day.
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  • #8,956
  • Edited 9:12am Oct 23, 2020 8:59am | Edited 9:12am
Wooow what a day. My shorts finally paid off. Opened crazy large position (by my standards at least ) so I was sh*tting myself most of the day. At one point I was shaken out by single tick but re-entered short even though 18 ticks lower.

Got a bit lucky perhaps with announcement of Libya increasing output to 1 mil bpd in four weeks
  • #8,957
  • Oct 23, 2020 9:30am Oct 23, 2020 9:30am
Quoting tonny47
Got a bit lucky perhaps with announcement of Libya increasing output to 1 mil bpd in four weeks
Also, global daily cases on Thursday reached 468,499, another all-time-high and on Friday could come closer to 500,000.
Now I see nice drop more down....
  • #8,958
  • Oct 23, 2020 9:52am Oct 23, 2020 9:52am
Quoting kstiks
{quote} Also, global daily cases on Thursday reached 468,499, another all-time-high and on Friday could come closer to 500,000. Now I see nice drop more down....
Oil seemed to be ignoring that fact.

Lot of support in the way, not sure if it's going to break lower before weekend
  • #8,959
  • Oct 23, 2020 10:23am Oct 23, 2020 10:23am
Quoting tonny47
{quote} Oil seemed to be ignoring that fact. Lot of support in the way, not sure if it's going to break lower before weekend
There it is, further drop. Managed to squeeze out a little more. Probably time to stop now
  • #8,960
  • Oct 23, 2020 2:17pm Oct 23, 2020 2:17pm
WTI went down 88¢ today repeating its pattern of going down below $40. On the other hand it was a perfect trading day especially for the big short.
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