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WTI Crude Oil Trading

  • #9,721
  • Jul 28, 2021 11:52am Jul 28, 2021 11:52am
this resistance is holding i'm not sure if it will break. i'm thinking we may get a decent drop this week. will play it cautious.
  • #9,722
  • Jul 28, 2021 2:19pm Jul 28, 2021 2:19pm
WTI went up 49¢ today with an extremely low ATR that produced 2 winning trades and 1 losing trade (false signal at the third arrow). This low ATR is responsible for the worst trading day so far this year.
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  • #9,723
  • Jul 29, 2021 6:00am Jul 29, 2021 6:00am
Quoting Hutch
WTI went up 49¢ today with an extremely low ATR that produced 2 winning trades and 1 losing trade (false signal at the third arrow). This low ATR is responsible for the worst trading day so far this year. {image}
I can't remember the last time WTI was this range-bound. Toughest markets to trade.

So are oil prices immune to a big miss on US GDP? I figured this would put some downward pressure on oil prices. US manufacturing data keeps coming in strong though. Still a little surprised by the lack of impact this morning.
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We must learn who is gold, and who is gold plated
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  • #9,724
  • Jul 29, 2021 11:49am Jul 29, 2021 11:49am
Quoting Kwame Freder
this resistance is holding i'm not sure if it will break. i'm thinking we may get a decent drop this week. will play it cautious.
resistance broken and its slowly making its way up. big boys must be in the Hamptons on summer vacay
  • #9,725
  • Jul 29, 2021 2:14pm Jul 29, 2021 2:14pm
WTI went up $1.01 today with a very low ATR that only produced 2 winning trades although the opening of the second trade was quite confusing due to a false signal so many pips were lost in the process.
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  • #9,726
  • Jul 30, 2021 9:18am Jul 30, 2021 9:18am
Quoting BTCmailman
{quote} Got extremely lucky here since I bought the August contract which expired on Friday, saved me from a much bigger loss. Might be chasing it here but bought 1 X MCL @ $66.08, I think this selling is overdone.
Closed this @ $73.83. Overreaction to Delta variant has me worried more lockdowns are coming for the US.
  • #9,727
  • Jul 30, 2021 2:14pm Jul 30, 2021 2:14pm
WTI went up $1.36 today with a low ATR that produced 6 average winning trades.
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  • #9,728
  • Aug 2, 2021 6:38am Aug 2, 2021 6:38am
Quoting BTCmailman
{quote} Closed this @ $73.83. Overreaction to Delta variant has me worried more lockdowns are coming for the US.
I don't think they can go back to lockdowns again. People just won't do it. But I do agree activity will slow which would put pressure on oil prices.

What I thought was a tight trading range is looking more like an upward trend. We already know what OPEC+ is doing with supply. I see WTI bouncing in the $65-$75 range until we see how overall demand is going to play out.
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We must learn who is gold, and who is gold plated
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  • #9,729
  • Aug 2, 2021 8:01am Aug 2, 2021 8:01am
Quoting Kwame Freder
this resistance is holding i'm not sure if it will break. i'm thinking we may get a decent drop this week. will play it cautious.
well it didn't happen last week, but its started off this week with a nose dive
  • #9,730
  • Aug 2, 2021 8:44am Aug 2, 2021 8:44am
Quoting EventsTrader
{quote} I don't think they can go back to lockdowns again. People just won't do it. But I do agree activity will slow which would put pressure on oil prices. What I thought was a tight trading range is looking more like an upward trend. We already know what OPEC+ is doing with supply. I see WTI bouncing in the $65-$75 range until we see how overall demand is going to play out. {image}
Welp...
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,731
  • Aug 2, 2021 2:15pm Aug 2, 2021 2:15pm
Quoting Kwame Freder
{quote} well it didn't happen last week, but its started off this week with a nose dive
Nose dive are good for us traders as WTI went down $2.32 today with a very high ATR that produced 7 winning trades and 2 small losing trades due to false signals.
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  • #9,732
  • Aug 3, 2021 5:51am Aug 3, 2021 5:51am
Quoting Hutch
{quote} Nose dive are good for us traders as WTI went down $2.32 today with a very high ATR that produced 7 winning trades and 2 small losing trades due to false signals. {image}
i agree, volatility can be great. another lovely drop to sub $70.
  • #9,733
  • Aug 3, 2021 2:21pm Aug 3, 2021 2:21pm
WTI went down $1.27 today with a high ATR that produced a rare 10 winning trades including one from a false signal and 1 losing trade from the same false signal.
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  • #9,734
  • Aug 4, 2021 5:29am Aug 4, 2021 5:29am
WTI threatening to go lower, i'm expecting it will hit a level at which the bulls will defend and it will go flying up again. seems they are happy with oil at this level. the constant threats from the covid variants may be preventing it from hitting $80. will be interesting to see what price they defend
  • #9,735
  • Aug 4, 2021 6:22am Aug 4, 2021 6:22am
Quoting Kwame Freder
WTI threatening to go lower, i'm expecting it will hit a level at which the bulls will defend and it will go flying up again. seems they are happy with oil at this level. the constant threats from the covid variants may be preventing it from hitting $80. will be interesting to see what price they defend
Given the price pressures, there's some downside risks on a higher than expected draw or if we see a build in the EIA inventory data. In a little over an hour, we should see some volatility in WTI prices: https://www.energyexch.com/#detail=118785
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,736
  • Aug 4, 2021 2:14pm Aug 4, 2021 2:14pm
WTI went down $2.21 today with a high ATR that that produced 10 winning trades, 2 break even trades and 1 small losing trade due to a false signal.
Attached Image (click to enlarge)
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  • #9,737
  • Aug 5, 2021 6:43am Aug 5, 2021 6:43am
was and still expecting wti to drop lower but its clearly encountered some support here. will stay out until its sorted. these wild swings can hurt you.
  • #9,738
  • Aug 5, 2021 2:27pm Aug 5, 2021 2:27pm
WTI went up $1.08 with an average ATR that produced 12 winning trades taking into consideration the last signal. It also produced 2 break even trades in a row and this is rare.
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  • #9,739
  • Aug 5, 2021 11:30pm Aug 5, 2021 11:30pm
Hello everybody and Hutch! I also trade WTI and see its potential, but never use renko, no patient to set up correctly. Anyway, I scalp in direction of daily trend (which is not easy for me). How are you able to find the main trend to follow it? Apreciate your work here!
  • #9,740
  • Aug 6, 2021 6:52am Aug 6, 2021 6:52am
Long 1 x MCL @ $68.96. Not fully buying this dollar strength but the NFP beat could mean more demand.
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