Trading Crude Oil with price action + indicator

The crude spike was unusual, as data should have pushed the price lower.. seems sub 106 is well supported
, big wedge has formed.

nat gas results soon, if your broker is good enough, just go long 5 min before the news, 40 point SL, leave to run for a few hours

Update: nat-gas was a loss, next time buy again

update on coffee, the green bean has busted through 108, and with some confident bars im now long again. leaving a minor part for the 200s

Soon i will post trades in line with a strategy, for those technical traders. Im not obsessed with fundamentals as the data is not clear cut, there is more than one results to consider. Anyway you all seen the drama unfolding on 'about the course' thread, heated banter. the promoter seems genuine, ive seen his trade calls.. im on the fence

im seeing xau, xag pushing higher
xau is struggling to break and settle above 1317, volatile movements on all products something is upsetting investors

CL-oil update: good place to dive in, it may head to 105, stops could be below, so dont play with close SL
RSI strategy:
wait for good H1 buyer bar, will post again once happens
Rsi currently over sold, in an uptrend

Crude update: long setup using RSI

oil
On the daily chart, we see the price reversed from the beneath of the channel top line by having a harmonic pattern being formed. As it continues, we are expecting a drop if the bottom of the channel has been broken lower by the price.

^ I like when I see other market playa'z using channels. Everyone knows I love channels.... One more week or two of fishing and I'll be back. No Trading until then. Good luck oilers...

This looks like a job for "Channel Man" (-; LOL

WTI crude oil has continued to hold below the 78.6% retracement of the move down from the August 2013 peak at 107.75, this has now held 3 times. The market has eased back to and is attempting to recover off 104.66.
The 2014 uptrend is located at 102.80 and between here and 104.66 we should see the market attempt to recover. Only failure here would abort the upside for now and signal losses to the 99.48 then 97.55/50 region (50% and 61.8% retracements of the moves seen this year).
Resistance at 107.75 is regarded as the last defence for the 112.24 August high.
The market has recently broken higher from an ascending triangle and this offers an upside measured target to 113.07. A close through 107.75 will trigger the move to 112.24/113.07.

Hello everyone,

I had never posted here... in 2010/11 I started to trade, fx, crude oil, gold but a lot happened those years and I stopped.

I used to use an EA that I made to operate crude (MT4) and worked fine for a while, but then crude made some crazy movements and I lost... I used to operated with high risk (just playing actually, $100 account, $1087 gross profit, $1040 gross loss, 0.01 lots, less than 6 months), however I had stop loss, Take profit, Risk reward, everything according to the system (trend following using renko bars, pretty simple).

Now I'm thinking in come back to the market, but I want something more consistent, more reliable, want make some money. I don't like fx because it's not centralized, there are too many manipulations, dealers, bad brokers, crazy spikes one in a while, to much things that difficult trading. I want to trade crude.

Well, my first question is if some of you crude veterans has something to say to me, to start, some trading system (like woodie cci, naked chart, price action, etc), something to start to study, books, how do you thing that crude used to move, somehting like that. I know a little bit already but never could make real and consistent money.

I also have the MT4 indicators to make the offline charts (Renko, Range, MedianRenko) if someone want it... I got them here

Thank you everyone and sorry my english

JoeyNY,

In this example, when did you enter the trade? when the bar close of the channel or when the price brake the channel (a few pips above)? and where did you set your stop and your takeprofit?

thanks

Another example JoeyNY:

Would you enter a buy trade on this down trend channel? If you were, where would you set your SL and TP?
(these are a variation of MedianRenko bars)

After todays inventory report market doesn't seems convinced which way to go at all, i took a small long today from 100.85 but closed it now because market is overbought on 1h timeframe and will need to correct to go up or continue it's way down. I will consider selling around 101.84 if we continue up without correction.

I think it could be up until 101.50 (previus LL on h4) or maybe until reaches the 200ema on h1...
I wont do anything until there...

Hi,

why do you think this my friend?
"...I will consider selling around 101.84 if we continue up without correction"

Thanks

Hi @ Room 217

dude i have bad memories concerning 217 wheeww almost got waked by angry husband.

waiting for the requested indi !

this is the time indicator
on "corner" put 1 and it goes to the right side

thumbs up man

room217 is from "The shining"... =p

I'm trading Texas Crude. The overnight holding cost went from 5,3 % receipt-- to 12.2% payment in one day---what happened!!!???

The 50% fibonacci is there and we've seen some tops and bottoms there before, so i think it will be a good point for a small sell