Trading Crude Oil with price action + indicator

Hi Traders,

A lot of time has spended trying to study the price action of Oil, i lost much money trying different complex strategies, but finall i found i have to return to simplicity methods, so i use the following:
1. SMA 13
2. Pivot, resistance and support daily levels.
3. Momentum indicator.
First, i look to Pivot level, is price over (under) pivot and momentum above +100 (-100), so i am in buy (sell) mode,
then i check SMA, to specify entry point which should be completely above (below) the SMA.

Hi,

A rising wedge i have noticed on 4H chart, this a bearish signal, i suggest enter when momentum indicator crosses zero level
down, take profit may @ 95.15
I wish so

T.A. is obviously time frame relative!

i think of oil as of a nerve rack brat...its personality being uptight about things, up down on its whim ,,,not really hunting it every day, but when PA presents this kind of set up i trade it as same as fx

Mahk90,
I used to trade crude on TST combines for some 6 months. I think it all depends upon how much money one has and how much risk one can take to trade crude at all. The best time by what I mean the safer time to trade is before Nymex open. Then all hell breaks lose.
The worst thing almost all signals were happening before Nymex and Nymex then is a chop block. I traded pivot ranged. If one trades PP should always put pivot range not just pivot point over there. On many occasions when Pivot range is strong s/r level it can be a launch pad for great move. But overall, I walked away from trading crude some month and a half ago. My results considerably improved by what I mean risk and profitability.
I talked to one trader who has been trading for some 30+ years and he told me that only maniacs trade crude.
I think he has a point. It is just not the best instrument to make the money trading intraday. Risk is very high unless one trades with large enough account and from daily only long term.
For day trader I also think it is simply painful to see his stop of say 20-40 ticks eliminated within few second from the open. Hence psychological capital suffers which is even more important than money capital.
I would suggest something that is not as crazy as crude to trade. The goal is not to trade but to make $$$ hence it doe snot matter what to tarde as long as it is safer and steadier.
I already feel much better after not wathcing Crude for a month and a half

ATM machine

do we sell now?

well cure oil have been moving down for few days i hope it would do some retracement but the long bear candles tell that it might b hitting to the level of 88 where it got demand established. May b i am wrong but this is what i am expecting from oil.

Guys I just found this thread. I'm not sure if I missed it but it seems a few here are having issues. Do yourselves a favor in your decision making for pulling the trigger and use tick charts for futures. Just my opinion....

Good Luck

A much clearer view of the order flow than time based....

I've made money trading crude/gold over the years... and lost getting into way to big positions...

some thoughts

1) have stops and get out! its like a train when it goes against you...
2) Trade deep in the money calls/puts, 2 or 3 months out. That way, you basically control the underlying contract but your risk is effectively capped to whatever you paid for the option. Way less money down.
3) Crude almost seems trade / range on human numbers. I work in Oil & Gas, and from the area I work in.. nothings really sophisticated. I bet all the hedging thats done is an excel spreadsheet updated every day or so not based on anything fancy. Weird numbers like to stick... like $100, $99.69... $96.69... look at the past couple of days its stopping right at around $100.5. I can see all the producers (who actually sell the stuff ) sitting around laughing hey we can get $100.50 because of the polar vortex! lets sell as much as we can!! awesome cha-ching.
4) If you know any stats, crude seems to pretty much range to std dev on a daily/weekly basis. Just follow the trend and sell/buy a bit below/above, n number of std dev away.

Just started trading crude. Making my trade plan using daily charts. Using a fib retracement to enter 50% level, stop loss just over 61% level Fib ext for profit targets. Verify with a momentum and S&R. Any thoughts any constructive tips appreciated

good luck, crude oil should be avoided by most of the people, 5 years in this and is the most unpredictable commodity in my opinion.
price action is full of traps.

it cant be worse than copper?
totally agree though, its not what it used to be a few yrs ago
better and easier trades else where
if you are prepared to loose some hair and turn grey early there are a few good pips to be made
life's to short to Oil all day

What Up Acid,

Were you trading Crude intraday or swingin'?

What are you liking these days?

With last attempt to cross 103/04 failed, seems now its back around 101/102 to get more buyers and take out the resistance.
if this fails again, I would not be surprised to see it going downhill once 100 is broken, however every dollar below current level has massive support
so breaching 100 doesn't looks much easy to.

That's the beauty of OIL, lets you pull your hairs off before you can board this High Speed Train.

101.20 today.. lets see what happens!!

edit: 102 seems like new resistance...

~100.44 ... how strong this support is.... below it I imagine a pile of stops waiting to blow

Anyone know where it is going.

Seems there is some support at $99. Below there... I'd suspect we heading to next support $96.10 or so...