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WTI Crude Oil Trading

  • #9,301
  • Mar 25, 2021 1:12pm Mar 25, 2021 1:12pm
Quoting Hutch
{quote} Normal Renko without wicks sometimes shows wicks when there is a big trend change. Before a new brick of size 10 is formed there could have been a wick up/down of 9+ pips so using wicks the bar size with wicks could be close to 30 pips. This is normally not a problem. The biggest problem that I have and I contacted my broker about it is a delay in tick sometimes as large as 8 seconds on M1 source charts. These delays affect the formation of new bricks and can lead to losses. Using the Infoboard indicator please check if there is a delay...

Thanks Hutch,

Just wondering which one would you suggest for renko chart with or without wicks especially for cfds?
  • #9,302
  • Mar 25, 2021 4:17pm Mar 25, 2021 4:17pm
Quoting civilpes2001
{quote} Thanks Hutch, Just wondering which one would you suggest for renko chart with or without wicks especially for cfds?
No matter what you trade Normal Renko is best IMO since wicks can mess up indicators.
  • #9,303
  • Mar 25, 2021 4:21pm Mar 25, 2021 4:21pm
Another big reversal day. WTI went down $2.50 today with a higher than average ATR that produced 11 winning trades and 2 break even trades.
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  • #9,304
  • Mar 25, 2021 5:40pm Mar 25, 2021 5:40pm
we negated most of yesterdays gains looks like it could break even lower. theres definitely a softening in wti
  • #9,305
  • Mar 26, 2021 7:16am Mar 26, 2021 7:16am
Quoting Kwame Freder
we negated most of yesterdays gains looks like it could break even lower. theres definitely a softening in wti
It sure looks that way. Tuesday WTI went down $3.88, Wednesday it went up $3.45 and yesterday it went down $2.50 so it went down $2.93 in the last 3 days but it's up $1.75 so far today.
  • #9,306
  • Mar 26, 2021 12:21pm Mar 26, 2021 12:21pm
Quoting kstiks
{quote} Ooooh yes, hahaha. As i said - there is NO brain with price in Wery Interesting Investition (WTI)
I dont even know what day in a row haha ...+4,64 for now
So, what to expect on monday? Anyone?
  • #9,307
  • Mar 27, 2021 12:30pm Mar 27, 2021 12:30pm
Quoting kstiks
{quote} I dont even know what day in a row haha ...+4,64 for now So, what to expect on monday? Anyone?
WTI had a very interesting week going up 19¢ Monday, going down $3.88 Tuesday, going up $3.45 Wednesday, going down $3.45 Thursday and finishing the week going up up $2.38 Friday. I also wonder what the WTI yoyo will do on Monday
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  • #9,308
  • Mar 29, 2021 9:17am Mar 29, 2021 9:17am
Good to know:

Key events in the crude oil space: Weekly reports on US crude oil supplies by the API (Tuesday) and the EIA (Wednesday) – US oil rig count (Friday) – OPEC meeting on April 1st.

Happy trading
  • #9,309
  • Mar 29, 2021 11:49am Mar 29, 2021 11:49am
Quoting kstiks
Good to know: Key events in the crude oil space: Weekly reports on US crude oil supplies by the API (Tuesday) and the EIA (Wednesday) – US oil rig count (Friday) – OPEC meeting on April 1st. Happy trading
OPEC is widely expected to keep production the same but what we need to listen out for is when they think they'll need to change it. They may say nothing at all and that would make this meeting a dud. I think OPEC likes where prices are at right now, especially with future demand so uncertain.

Baker Hughes oil rig count is always a non-event, except for some years in late Jan and early Feb as the market is trying to figure out annual exploration trends and budgets.

EIA Crude invetories could be interesting this week. After the massive build a few weeks ago, inventories have slowly come back down and we might finally see a draw.
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As far as scheduled events I don't see anything too dramatic. Good luck out there!
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,310
  • Mar 29, 2021 2:52pm Mar 29, 2021 2:52pm
Quoting yieldjunkie
As if trading crude wasn't messy enough (at least from where I sit), this debacle in the Suez canal seems to be clogging up oil tankers. Away from that, I do think the return of demand will be steady - already seeing promising news as it relates to airlines.

The resolution of this Suez blockage seems to have been rather uneventful. Back to the basics!

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Live Challenge All Time Return: 171.5%
  • #9,311
  • Mar 29, 2021 3:53pm Mar 29, 2021 3:53pm
Quoting yieldjunkie
{quote} The resolution of this Suez blockage seems to have been rather uneventful. Back to the basics! {image}
Everybody thought that ship was going to be stuck until later this week.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,312
  • Mar 29, 2021 4:19pm Mar 29, 2021 4:19pm
WTI went up 88¢ today with a below average ATR that produced only winning trades - 7 of them. On the other hand I managed to lose a trade by not respecting the rules of the system. After trading for over 15 years I still need to learn from my mistakes
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  • #9,313
  • Mar 29, 2021 11:08pm Mar 29, 2021 11:08pm
Quoting Hutch
WTI went up 88¢ today with a below average ATR that produced only winning trades - 7 of them. On the other hand I managed to lose a trade by not respecting the rules of the system. After trading for over 15 years I still need to learn from my mistakes {image}

Somehow this system made a lot of wrong signals to me. I also had a loosing trade yesterday but I left the position open at 59.55 - now I pray to God that the oil goes down as soon as possible.
It's easier for me when I see that after 15 years you sometimes make mistakes
  • #9,314
  • Mar 30, 2021 11:30am Mar 30, 2021 11:30am
OPEC+ panel is revising down oil-demand estimates: Delegates - This could change the outlook for the OPEC meeting. A surprise from the Saudis in either committing to extended cuts for a longer period of time or something else along those lines is not out of the question.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,315
  • Mar 30, 2021 4:36pm Mar 30, 2021 4:36pm
WTI went down $1.21 today with a below average ATR that produced lousy trades; 4 wins, 4 break even and 2 losses.
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  • #9,316
  • Mar 30, 2021 4:45pm Mar 30, 2021 4:45pm
today was atrocious. felt like the big boys were mostly absent and the sharks were left to play
  • #9,317
  • Mar 30, 2021 5:11pm Mar 30, 2021 5:11pm
Wanted to show WTI chart from my broker...a bit more noise in it..

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  • #9,318
  • Mar 31, 2021 12:41am Mar 31, 2021 12:41am
Quoting ranger_lp
Wanted to show WTI chart from my broker...a bit more noise in it.. {image}
Same here as well, My brokers' feed with heavy noise
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  • #9,319
  • Mar 31, 2021 8:32am Mar 31, 2021 8:32am
Starting in the European session WTI began to sell off. Look out, we have Crude Oil Inventories in about an hour. The market will be more likely to sell WTI on a larger than expected build/smaller than expected draw. Forecasts are all over the place by the way.

In the bigger picture, I see traders/market participants pricing in what they believe will be more negative news (than positive) out of OPEC+ meeting tomorrow. The only way they can counter the expected lower demand outlook is with lower production. I'm not sure OPEC+ countries are ready to lower output. It should be interesting. Crude was due for a little pull back and it looks like the triggers are getting into place for it.

Good luck out there!
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,320
  • Mar 31, 2021 8:56am Mar 31, 2021 8:56am
Quoting EventsTrader
Starting in the European session WTI began to sell off. Look out, we have Crude Oil Inventories in about an hour. The market will be more likely to sell WTI on a larger than expected build/smaller than expected draw. Forecasts are all over the place by the way. In the bigger picture, I see traders/market participants pricing in what they believe will be more negative news (than positive) out of OPEC+ meeting tomorrow. The only way they can...

Markets are behaving like crazy all day long because the news is coming from all sides and it is very contradictory.
What you wrote is the only logical comment I read today ....and thank you.
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