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Trading Crude Oil with price action + indicator

  • #181
  • Jul 17, 2014 7:09am Jul 17, 2014 7:09am
Quoting atom3
{quote} {image} 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
That spike up of 90 cents today was due to fundamental reasons and my view of retracement around 101.84 became invalid
  • #182
  • Jul 17, 2014 7:20am Jul 17, 2014 7:20am
I think you are right atom3, thank you for the quote.
  • #183
  • Jul 17, 2014 7:37am Jul 17, 2014 7:37am
Quoting Abdul2012
I think you are right atom3, thank you for the quote.
You are welcome and i am sorry i didn't said that earlier, i don't want someone to take the wrong side because of my chart...
  • #184
  • Jul 17, 2014 9:10am Jul 17, 2014 9:10am
Quote
"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"
thank you for the explanation my friend...

Quoting atom3
{quote} That spike up of 90 cents today was due to fundamental reasons and my view of retracement around 101.84 became invalid
yeah, I was expecting maybe a reject from the 200ema... but didn't happened...

are there some specific news that affect more crude oil? some good website to see those news?

thank you
"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #185
  • Jul 17, 2014 9:16am Jul 17, 2014 9:16am
Attached Image (click to enlarge)
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #186
  • Jul 17, 2014 12:45pm Jul 17, 2014 12:45pm
Hello again everyone,

As I said on my first post, a few years ago I operated crude oil with an EA that I made, the result was ok but I was using just a trend follower with renko bars, I do not believe that would work for a long time.

I do not believe that an EA can make all the hard work anymore. My "plan A" now is pure price action, this is my aim this time.

But I do believe that I can use an EA to assist me on some orders, just a parallel idea.

I had an expert who gave unbelievable results on EURUSD, however it worked on range bars and the backtests were not reliable (I posted the statement on another topic, if you want I post here), after a few weeks using it I saw the terrible results and lost my confidence on that strategy.

But I still believe I could take advantage of that idea.

It's simple: take advantage of trend markets, does not matter the side that it's going, the ONLY thing important is: it have to move. As sharp as possible... Now I thinking about the news trading.

Are there some specific news that affects Crude oil more than others? Not only the inventories, but day by day news. As we all know, crude moves like crazy sometimes and we could cacth some good moves.

For example, look at the images, these movements were caused by news? What I'm trying to say is, something happened on the middle east, west, north, south, does not matter where... could affect crude oil? Let's turn the EA on. And technicly speaking, we just follow the Moving average.

I think some of you guys know crude oil very well and maybe you can tell me if that a good idea... If the broker would execute the orders on time, the spread does not wide like crazy, this kind of things... if there are some "certain" things that make crude oil moves...

Well, that's it everyone. Thank you for reading
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #187
  • Jul 18, 2014 12:50pm Jul 18, 2014 12:50pm
Quoting room217
{quote} thank you for the explanation my friend... {quote} yeah, I was expecting maybe a reject from the 200ema... but didn't happened... are there some specific news that affect more crude oil? some good website to see those news? thank you
My attention is more towards precious metals recently, so i am trading crude on rare cations and no i don't have anything special for trading it, i am playing Blomberg tv most of the time for fundamental news, read some analysis form time to time, i also use RSI indicator set to 14 to see if the market is overbought/oversold, but mainly i look at price chart with S/R, fibonacci etc. levels and i trade on 1h time frame or more
  • #188
  • Edited 1:09pm Jul 18, 2014 12:54pm | Edited 1:09pm
Quoting room217
if there are some "certain" things that make crude oil moves
bankers make crude move

i don't really like posting specifics on open forums
best to just open the daily / Wkly and Monthly charts and see how it most commonly moves
and when best to avoid
  • #189
  • Jul 18, 2014 1:51pm Jul 18, 2014 1:51pm
Quoting atom3
{quote} My attention is more towards precious metals recently, so i am trading crude on rare cations and no i don't have anything special for trading it, i am playing Blomberg tv most of the time for fundamental news, read some analysis form time to time, i also use RSI indicator set to 14 to see if the market is overbought/oversold, but mainly i look at price chart with S/R, fibonacci etc. levels and i trade on 1h time frame or more
thank you for your coments...
"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #190
  • Jul 18, 2014 2:22pm Jul 18, 2014 2:22pm
the idea is not only for crude, it's for any instrument that makes sharps moves...
like these examples on russel... would be a nice week
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #191
  • Jul 19, 2014 5:38am Jul 19, 2014 5:38am
Crude Oil - Head and Shoulders in Formation, Downside to be seen

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SpotPip - we SPOT, you PIP
  • #192
  • Jul 22, 2014 4:18am Jul 22, 2014 4:18am
Anyone know why brokers data/price on US (WTI) OIL is skewed down? Currently my Metastock feed (shown here)
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/Bloomberg price have (as of 10am UK time 21st July) price of 105.11 which is actual price.

But Brokers FXCM, Markets, IG etc all have price around 103 ??? if check brokers charts there was major gap down 10pm UK time on 18th July, this is not reflected on Metastock feed which shows pullback and continuation.
  • #193
  • Jul 22, 2014 6:53am Jul 22, 2014 6:53am
Good analysis, thank you.
  • #194
  • Jul 22, 2014 7:05am Jul 22, 2014 7:05am
albert IG are showing the September contract, your chart is august.?
  • #195
  • Jul 23, 2014 4:47am Jul 23, 2014 4:47am
Quoting atom3
{quote} {image} 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


hell guys

I m glad I stumbled on this thread........thought I was the only one in the world trading on oil.

CONTRIBUTION: Price bounced on a monthly trendline and heading currently North to hit the Daily pivot anytime now for a short retrace
and then to shoot North at rocket speed. Thats the character of oil.........what do you think?? (h1 chart) best.
  • #196
  • Jul 23, 2014 5:17am Jul 23, 2014 5:17am
Quoting breakthru56
{quote} hell guys I m glad I stumbled on this thread........thought I was the only one in the world trading on oil. CONTRIBUTION: Price bounced on a monthly trendline and heading currently North to hit the Daily pivot anytime now for a short retrace and then to shoot North at rocket speed. Thats the character of oil.........what do you think?? (h1 chart) best.
Hi breakthrough56,
I am currently long Crude Oil and agree with you that it is bullish in the medium - longer term.
My current reasons are I see accumulation taking place below the $110 psychological barrier and especially with $107 as support.
Last weeks weekly candle close above this area confirmed that there indeed has been buying activity taking place there as well as obvious price being supported from viewing the daily timeframe also as the big positions are being built with in this range before a breakout to the higher areas above $110.

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  • #197
  • Jul 23, 2014 8:05am Jul 23, 2014 8:05am
Sailyfee

I think you made a bit of a killing today.....the trend was in your favour. Its now kind of stuck & possibly to retrace to the Daily Pivot.

I think there will be a good NORTH Trade to break @ 102.57 with a possible TP @ around 103.00.

Have you noticed that the crude oil price movement is very volatile and tradeble during second and third week of evry month.
Being that during the 1st week, the month candle would be tring to find a LAUNCH PAD(open) and the last week of the month, its kind of fed up with it all
and start bullying us (traders) until the first day of the following month.
  • #198
  • Jul 23, 2014 9:14am Jul 23, 2014 9:14am
Hie Guys


CONTRIBUTION: Maybe I shouldnt mention it here but its just that I feel as traders we should contribute ideas:

Here is mine : My obsevesion the past 2years trading oil is that oil is totally different from forex trading(in my opinion) since we all know how crazy price can be.

I then devised an easier way to tame this oil beast......... this is what I did......:

I use Bollinger bands 144 sma dev1 and onother BB144 sma dev 2
also BB34 sma dev1 only. So when BB34 dev1 intersect BB144 dev1 =entry

Just try it and tell us what you think....
  • #199
  • Jul 23, 2014 9:22am Jul 23, 2014 9:22am
Quoting breakthru56
Hie Guys CONTRIBUTION: Maybe I shouldnt mention it here but its just that I feel as traders we should contribute ideas: Here is mine : My obsevesion the past 2years trading oil is that oil is totally different from forex trading(in my opinion) since we all know how crazy price can be. I then devised an easier way to tame this oil beast......... this is what I did......: I use Bollinger bands 144 sma dev1 and onother BB144 sma dev 2 also BB34 sma dev1 only. So when BB34 dev1 intersect BB144 dev1 =entry Just try it and tell us what you think....
BBs on what time frame?
Regards
  • #200
  • Jul 23, 2014 10:35am Jul 23, 2014 10:35am
Quoting howard
{quote} BBs on what time frame?

H1 is kinda friendly on oil given prices can be stagnent for sometime.
H4 is also good but you have to wait for a long time before you can make any profitable entries.

Idea is to enter as price X BB34 x 1 and BB144 acts as a kind of satnav.=price direction. Also MN1 +W1 +D1 + H4 CANDLES should be
in ONE direction (SAME COLOUR AND FULL CANDLES). Then find an entry point using M5 chart. That way you wont have to worry about indicators.(except 1 or 2). For indicators I use the ASI with BB34 dev1 and I look for the ASI breaking in and out of the BB34 ===job done.

Try it and share your experience

So H1 is the best
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