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WTI Crude Oil Trading

  • #9,841
  • Sep 17, 2021 5:56am Sep 17, 2021 5:56am
Quoting Kwame Freder
tempted to take a long but wti feels heavy and its friday
Often a good time to venture in, prudently. 72.35 atm.

EDIT: Good luck.
"Don't Shoot Me I'm Only the Piano Player"
  • #9,842
  • Sep 17, 2021 6:59am Sep 17, 2021 6:59am
Quoting yani38
{quote} Often a good time to venture in, prudently. 72.35 atm. EDIT: Good luck.
Nah i trust my instincts. buying at a high on a friday isn't wise.
  • #9,843
  • Sep 17, 2021 1:39pm Sep 17, 2021 1:39pm
Quoting yani38
{quote} Certainly wouldn't complain about that, Hutch, and well done. I caught one or two trades on the upside myself. What a disaster re the Precious one, that particular Metal, just terrible. Go Oil and the China Virus recovery!
Well done. I hate the break even trades because we all lose a little. I will try to avoid them by introducing a filter when I have time. I was thinking of a 200 EMA but I'm not sure if this works well with Renko 10 bricks charts.
  • #9,844
  • Sep 17, 2021 2:14pm Sep 17, 2021 2:14pm
WTI went down 65¢ today with an average ATR that produced 5 winning trades.
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  • #9,845
  • Sep 19, 2021 9:20am Sep 19, 2021 9:20am
Just a quick reminder....
No matter what strategy used in trading. The key to success is proper money management. The markets are filled with noise/erratic moves no matter the instrument you trade. One can view this noise as deliberate manipulation or just the market doing it’s thing, either way if you are trading too big relative to your accounts equity, eventually you will lose everything. The only way to counteract this is to place trades that are so small relative to ur account size that your wins or losses are inconsequential. Your account size should grow over time and it should be a long tedious process. This is the number one problem for most retail traders. Their account size isn’t large enough to make meaning full gains and they get impatient. For example someone with a $10k account ideally should be happy making 1% gains on a weekly basis, but who wants to sit in front of a computer for an entire week and only make $100. Whereas an account with 100k would be making $1000 per week. Not earth shattering gains but something you can pay bills with and put you in a better position to build that account to a position where ur gains are significant. $500k (@1% weekly gains) would net you $5k per week without having to take trades that can hurt you on a daily basis.

Market noise kills over leveraged traders, being able to not be affected by noise on a emotional level and in terms of potential losses is the key. If u entered a long trade and the market immediately dropped putting you $ 1000 in the red you would not freak out (with a $500k account) the way you would with a $5k account, you would actually be in a much better position to either ride it out, manage the trade with hedging strategies etc or just take the small loss.
  • #9,846
  • Sep 20, 2021 2:24pm Sep 20, 2021 2:24pm
WTI went down $1.41 today with a high ATR that produced 7 winning trades and 2 break even trades not counting the last signal. For the more adventurous traders the continuation trade from Friday would have been the best trade of the day.
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  • #9,847
  • Sep 21, 2021 5:17am Sep 21, 2021 5:17am
I'm currently watching WTI and I decided to try buying the pullback accordingly to my trading plan.
I think this should go well as long as 70 doesn't break.
Winter is coming as well and heard that it's going to be a lot colder this year so demand should continue to stay high, and of course many other reasons too.
Anyone has any view to share?
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Aim for what's achievable and don't be a dreamer.
  • #9,848
  • Sep 21, 2021 5:22am Sep 21, 2021 5:22am
Quoting DLTrader
I'm currently watching WTI and I decided to try buying the pullback accordingly to my trading plan. I think this should go well as long as 70 doesn't break. Winter is coming as well and heard that it's going to be a lot colder this year so demand should continue to stay high, and of course many other reasons too. Anyone has any view to share? {image}
i m on 4hrs chart, and i m bullish about usoil as well, i m waiting for a my candle to close above 71.25 to buy or if it closes below 70.90 i will sell. anywhere between that i m not even touching my mouse..
  • #9,849
  • Sep 21, 2021 5:48am Sep 21, 2021 5:48am
wti has support around $70 area but its looking like it wants to go sub $70 to me. I'm short
  • #9,850
  • Sep 21, 2021 6:08am Sep 21, 2021 6:08am
i m short for now! Where does the the market hold when we cross 70??
  • #9,851
  • Sep 21, 2021 7:13am Sep 21, 2021 7:13am
if support isn't cracked within 30-60 mins or less i would run like hell lol
  • #9,852
  • Sep 21, 2021 2:30pm Sep 21, 2021 2:30pm
WTI went up 43¢ today with an average ATR that produced 2 exceptional trades.
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  • #9,853
  • Edited 11:19pm Sep 21, 2021 11:00pm | Edited 11:19pm
Quoting Kwame Freder
wti has support around $70 area but its looking like it wants to go sub $70 to me. I'm short
Quoting Kwame Freder
if support isn't cracked within 30-60 mins or less i would run like hell lol
Quoting yani38
{quote} Often a good time to venture in, prudently. 72.35 atm. EDIT: Good luck.
WTI remains strong, amidst 'The Bears are in control' 2 days ago. I wouldn't run from it, let alone short it. Holding up pretty well. : ) 71.64 as I type.
EDIT Always a bit late, by a few mins, but has cracked 71.67 on the upside, could revisit who knows? Looks a + for me. 71.82 atm MID.
"Don't Shoot Me I'm Only the Piano Player"
  • #9,854
  • Sep 22, 2021 12:50am Sep 22, 2021 12:50am
Even if this 4hr candle closes beyond 71.50, which will happen after 1hr 20min according to GMT+4 i bet there has to be a retest..because its based on my trading facts, i will be in long, but the market market situation is something else, why do i notice a consolidation? Anyone here to agree with me??
  • #9,855
  • Sep 22, 2021 1:30am Sep 22, 2021 1:30am
Quoting danish07
i bet there has to be a retest..because its based on my trading facts, Anyone here to agree with me??
Works for me ; )

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"Don't Shoot Me I'm Only the Piano Player"
  • #9,856
  • Sep 22, 2021 1:33am Sep 22, 2021 1:33am
Don't forget most of the facilities in the Mexican gulf are coming back online, China is auctioning its oil on Friday and Biden ordered to tap into their national oil reserves in order to maintain normal prices. I'm expecting oil to hit 65 again
  • #9,857
  • Sep 22, 2021 6:15am Sep 22, 2021 6:15am
Quoting yani38
{quote} {quote} {quote} WTI remains strong, amidst 'The Bears are in control' 2 days ago. I wouldn't run from it, let alone short it. Holding up pretty well. : ) 71.64 as I type. EDIT Always a bit late, by a few mins, but has cracked 71.67 on the upside, could revisit who knows? Looks a + for me. 71.82 atm MID.
not sure what you are talking about. i was short yesterday and wti dipped below $70 it then bounced and started to rally. i simply stated if support holds then i am getting out (i would run like hell)
  • #9,858
  • Sep 22, 2021 2:22pm Sep 22, 2021 2:22pm
WTI went up $1.15 today with an above average ATR that produced 2 winning trades, 1 break even trade and 1 losing trade due to a false signal. Yesterday's trading was great with only a gain of 43¢ while today's gain of $1.15 produced a garbage trading day since most of the gains were from the continuation of the uptrend from yesterday.
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  • #9,859
  • Sep 22, 2021 5:45pm Sep 22, 2021 5:45pm
Quoting Kwame Freder
{quote} not sure what you are talking about. i was short yesterday and wti dipped below $70 it then bounced and started to rally. i simply stated if support holds then i am getting out (i would run like hell)
Yeah all good man, I hope you made something out of it. No intention of denigrating your OP.
"Don't Shoot Me I'm Only the Piano Player"
  • #9,860
  • Sep 22, 2021 11:59pm Sep 22, 2021 11:59pm
Quoting Hutch
WTI went up $1.15 today with an above average ATR that produced 2 winning trades, 1 break even trade and 1 losing trade due to a false signal. Yesterday's trading was great with only a gain of 43¢ while today's gain of $1.15 produced a garbage trading day since most of the gains were from the continuation of the uptrend from yesterday. {image}
Hello Hutch. I'm trying to follow your system with the rules mentioned. However, I have a doubt regarding your exit. Can you please explain this a bit? Thank you for your system. I hope to be successful with it.
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