WTI Crude Oil Trading

adding to long 71.08 Feb g

closed whole some points above my target
seems not able to touch lower trendline
or maybe I drawn it wrong…

looking now how it develops at this level

All of this disinflation talk from the central bankers in davos is likely the cause of selling tonight

technically i see below 60 if we break the swing low in dec

if we don't break the dec low 100 would be possible for 2024

i still think we see 100 with a pit stop around 80

What I see in daily



price still at my closed shorts price btw
if this whole pattern breakes, we meet with lower support area 65/68
I suspect price will be around here for some more time.
i mean, between 65/68 and 75/77

I noticed a strange inversed correlation between oil price and cable lately.

will check it better later when I come back to the desktop

Quoting T721
{quote} Took 8 shorts on OIL as per chart above... should be a nice drop coming if it takes out daily support @7264 ... itsa wait n see {image}
OIL UPDATE ..... Love it when a plan comes together, Can make shitloads on OIL when you know what you are doing.... Really good 4newbies to demo on, If you can handle OIL you can trade any currency easily. Just my 3cents guys

OIL currently at 4hr Liquidity zone and might bounce from hare

good point
i was using cable vs wti last year
there seems to be a good correlation at this time
i'll post a chart

30 min CL chart with Larry William's wilval indicator set to cable

gives good overbougt / oversold readings

20 period keltner set at 2.5 also does a pretty good job also

reminder
Thursday the feb g contract rolls to march h expect some volitility beteen wed-fr

went long at lower TL near 70.60
SL is 70.60
cashed one trade near 71.10

now holding and looking to increase

took partial profits near 72
not sure I did the right thing but if I didn't... I could regret it later.

got good profits today

Never a bad thing taking partials pal, well done

back to my tablet I found this

1 that line is where I added shorts in the morning,
2. I suspect many fucked up by those 2 h1 candles just to see price pumping up. That’s where TA fails

72.63 is the 20 ema on the daily g contract

Out 72.81
I'm expecting more volatility tomorrow and Fri with contract rollover

short 72.76 small

well, we could write a book over this topic and in the end after pages and pages written, we would not come to a true objective conclusion.
Once in a good trade, is not simple to allow it running till the target and even less simple is enlarge target.
a deeper step into difficulty is to increase size correctly.

Im working on this, because I realised it’s a very important step to be powerful in trading.

today, I got a very lucky entry at low. Lucky because I luckily was in my desk, free of mind, ready to catch it.

I'm forcing myself in taking profits rapidly at first level, then forcing me in looking closely where are the levels where market will bounce before continuing the direction, or to come back.

this, gives me a great advantage:
1. I read price step by step, in free state of mind, no stress about profits or about “is it going further or not?!”
2. I find my self ready to react as soon as required and to cut the trade or to reverse it. Did it yesterday from long to short and today from short to long.
3. The more time goes, the more I feel I am improving on this whole, and the more I can leverage up size when adding entries.
4. Most of all: money and risk management. There s no better way to reduce risk than sizing the trade in different steps. Let’s say my planned size for a trade is 2lots: I can enter with 1/4 and increase it in 3 steps. Or enter it whole, take partials and then keep sizing like I did today. The real mistake today was not adding after the first takeout but price was not in clear push, so I was there, ready, but I decided to avoid the risk. Got it double the second entry btw
5. Last but not least, I don’t need to catch the very bottom or the very peak of a move, I can patiently wait for it to develop and enter where I can read a good entry or stay away if I don’t.

so all in all, I feeel like lately I did I giant leap in my behavior. And results are in the account indeed.

as you can see, first page written, and still there is no answer to the “is it better or not taking partials on a trade?”

lol

Happening for a long time, that was the plan since last year - strengthen dollar to reduce fuel price. Not always worked out due to many incidents, but made economies a float.

Dollar has inverse correlation with oil.
Crude priced in US dollars
Stronger dolllar = lower oil