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WTI Crude Oil Trading

  • #9,701
  • Jul 22, 2021 4:18pm Jul 22, 2021 4:18pm
WTI went up $1.47 today with a below average ATR that produced 6 winning trades, 1 break even trade and 1 losing trade due to a false signal.
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  • #9,702
  • Jul 23, 2021 1:53am Jul 23, 2021 1:53am
Quoting Hutch
WTI went up $3.84 today with an extremely high ATR that produced 3 winning trades and 1 break even trade. At least the market wasn't as volatile as the last 2 days so there wasn't a need to break the chart in two parts. {image}
Hi Hutch, just to understand are you showing the trades you made or simply the signals backward looking?
  • #9,703
  • Jul 23, 2021 9:03am Jul 23, 2021 9:03am
Crude futures trading in a very narrow range today. Low volume too. It almost feels like a holiday:
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We must learn who is gold, and who is gold plated
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  • #9,704
  • Jul 23, 2021 9:56am Jul 23, 2021 9:56am
Quoting EventsTrader
Crude futures trading in a very narrow range today. Low volume too. It almost feels like a holiday: {image}
its coiling (accumulation), if it breaks out later today it should give a nice move.
  • #9,705
  • Jul 23, 2021 10:46am Jul 23, 2021 10:46am
Quoting Kwame Freder
{quote} its coiling (accumulation), if it breaks out later today it should give a nice move.
certainly in the last 2 hrs sellers showed up and was met with more then enough buyers. so yes for me probably going up but given it's friday i'll hold on and wait until next week.
In tea leaves we trust!
  • #9,706
  • Jul 23, 2021 11:17am Jul 23, 2021 11:17am
Quoting Mcbeaners
{quote} certainly in the last 2 hrs sellers showed up and was met with more then enough buyers. so yes for me probably going up but given it's friday i'll hold on and wait until next week.
thar she goes... me thinks 72.85 will make good resistance.
In tea leaves we trust!
  • #9,707
  • Jul 23, 2021 12:15pm Jul 23, 2021 12:15pm
break out could go either way. i'm definitely out til next week.
  • #9,708
  • Jul 23, 2021 3:29pm Jul 23, 2021 3:29pm
Quoting Alberto_Jazz
{quote} Hi Hutch, just to understand are you showing the trades you made or simply the signals backward looking?
The signals are in accordance with the Half Trend so they are what they are and I show them all although I don't trade all day. It's quite frustrating when I traded a few small signals and being satisfied with the result I close my MT4 to do something else. Then, when I re-open MT4 sometimes many hours later I see that I missed the best trade of the day. I'm sure it happens a lot since nobody can trade 24 hours a day.
  • #9,709
  • Jul 23, 2021 4:16pm Jul 23, 2021 4:16pm
WTI went up 46¢ today with an extremely low ATR that basically produced nothing but 2 lousy winning trades. It looks like market movers went all on vacations since on 20 July the ATR was a huge 588 and today only a minuscule 79.
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  • #9,710
  • Jul 26, 2021 9:07am Jul 26, 2021 9:07am
We are seeing some pretty light volume in CME futures. Ever since hitting that $65 handle, oil prices have been doing nothing but rebounding:
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We must learn who is gold, and who is gold plated
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  • #9,711
  • Jul 26, 2021 9:10am Jul 26, 2021 9:10am
Quoting Kwame Freder
{quote} its coiling (accumulation), if it breaks out later today it should give a nice move.
It was treading water Friday but it's acting like it wants to continue this recent rally. A break of last week's high looks extremely likely.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,712
  • Jul 26, 2021 9:15am Jul 26, 2021 9:15am
Quoting Hutch
WTI went up 46¢ today with an extremely low ATR that basically produced nothing but 2 lousy winning trades. It looks like market movers went all on vacations since on 20 July the ATR was a huge 588 and today only a minuscule 79. {image}
Makes sense since we've had a lot of sideways action. Wednesday is a big day with EIA data then FOMC. I don't think the FOMC meeting will provide as much volatility as more recent ones because the Fed isn't changing its tune at least until Jackson Hole in August.

Right now, the fundamental drivers of oil prices are OPEC (which is now free of drama so maybe not so much) and the delta variant. While the delta variant isn't killing people because of vaccinations, it's still putting people out of work for weeks. That puts a big strain on any economy with an outbreak. Also, the fear factor is something to look out for too. If the market starts thinking people are going to stop traveling then that can't be good either. Still a lot to unfold with this recovery from lockdowns.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,713
  • Jul 26, 2021 4:22pm Jul 26, 2021 4:22pm
WTI went down 3¢ today with a lower than average ATR that produced 9 winning trades and 2 break even trades excluding the last signal.
I don't know any other asset that can produce 9 winning trades within a price action of 3¢. If you know of such assets please let us know.
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  • #9,714
  • Jul 27, 2021 7:15am Jul 27, 2021 7:15am
i'm thinking it may go down from here resistance around $72 is holding.
  • #9,715
  • Jul 27, 2021 9:16am Jul 27, 2021 9:16am
Quoting Kwame Freder
i'm thinking it may go down from here resistance around $72 is holding.
I can't remember the last time oil prices stayed in this tight of a range for three consecutive trading days. It's almost as if traders are waiting for FOMC, but I don't think that's the case at all. FOMC doesn't rock oil prices like it does currencies and gold.
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,716
  • Jul 27, 2021 9:52am Jul 27, 2021 9:52am
my 4hr ma setup do appear bearish. looks like some selling was done at the end of the previous session. shorting ops coming imo.
In tea leaves we trust!
  • #9,717
  • Jul 27, 2021 4:28pm Jul 27, 2021 4:28pm
WTI went down 30¢ today with a very low ATR that produced 6 winning trades.
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  • #9,718
  • Jul 28, 2021 10:20am Jul 28, 2021 10:20am
Crude futures (CME CL) has been trading in a very tight range since last Friday. Energy markets usually don't behave like currency and precious metals leading up to an FOMC meeting. It's making me wonder whether oil prices are just treading water or traders are actually waiting to hear what the Fed has to say. I don't think that's the case but I'd be cautious regardless. FOMC in a little under three hours.

You can see here on an hourly chart it's been in this range accompanied by relatively light volume.
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,719
  • Jul 28, 2021 12:04pm Jul 28, 2021 12:04pm
Quoting Mcbeaners
my 4hr ma setup do appear bearish. looks like some selling was done at the end of the previous session. shorting ops coming imo.

ma's didn't hold (now bullish/neutral) and i'm seeing bearish fomc dollar. so me thinks longs are squids in. not trading though.
In tea leaves we trust!
  • #9,720
  • Jul 28, 2021 12:54pm Jul 28, 2021 12:54pm
if fomc give me an op to get long i will.
In tea leaves we trust!
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