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Trading Crude Oil with price action + indicator

  • #201
  • Jul 23, 2014 11:48am Jul 23, 2014 11:48am
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....
Thank you mate... (y)

Quote
Have you noticed that the crude oil price movement is very volatile and tradeble during second and third week of evry month.

this kind of thing is what I was looking for... volatility

BTW, i already rebuild that EA that I mentioned (not 100% but working ok)... if someone is willing to try the idea with me, please let me know... I do not have enough time and experience to do it yet...
"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #202
  • Jul 23, 2014 11:51am Jul 23, 2014 11:51am
trying to break 103.70 on H1
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #203
  • Jul 23, 2014 12:40pm Jul 23, 2014 12:40pm
Quoting breakthru56
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.
I am new in oil trading, but is it every once in a week oil has volatile move during crude oil inventory data release?
  • #204
  • Jul 23, 2014 12:52pm Jul 23, 2014 12:52pm
Quoting mOmOgi
{quote} I am new in oil trading, but is it every once in a week oil has volatile move during crude oil inventory data release?
not every time, but normally yes... on wednesdays
"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #205
  • Jul 24, 2014 3:28am Jul 24, 2014 3:28am
Quoting breakthru56
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)...
As of the moment my own positions are roughly around the BE area, although I am fine with this trade for whenever it wishes to take its course.
Good things take time
I understand where you're coming from with monthly and weekly candle closes, however I don't pay too much attention to choosing certain times of the week to trade myself personally. Here is my longer term technical forecast for Brent Crude. I believe that the fundamentals are in favour to support this too in my opinion.
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You know what they say..the bigger the consolidation, the bigger the break-out. As traders I believe the most important thing we can do is be patient.
I'd rather look to the longer term than fret about little moves done on a daily basis.
  • #206
  • Jul 24, 2014 9:35am Jul 24, 2014 9:35am
reject again?
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #207
  • Jul 24, 2014 10:15am Jul 24, 2014 10:15am
Quoting room217
reject again? {image}
Agree with you. It seems crude will test ST bottom range.
  • #208
  • Jul 25, 2014 5:34am Jul 25, 2014 5:34am
Quoting Umbeluzi
{quote} Agree with you. It seems crude will test ST bottom range.
On wednesday before inventory report i took a small long on crude at 102.60 and TP 103.50 without much thinking since i was bored from gold slow action and price didn't reached 103.5 so now i am a bit red there, and giving it a more serious look there is pressure on both sides, bears and bulls
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now here we see price just touched a Fibonacci level - the 50% level and went up somewhat and now is the summer season so peak in oil price can be expected especially with a couple of conflicts around the world and looking at last years price action or at 2012
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but on 1 hour chart RSI is going up quite rapidly while the price is barely moving which in this case can mean market is making room for another downside move
and then there is that proposal for ceasefire in Gaza

To me it seems like in the medium term we will be going up but currently a correction to the downside can not be ruled out
  • #209
  • Jul 25, 2014 8:36am Jul 25, 2014 8:36am
Quoting atom3
{quote} On wednesday before inventory report i took a small long on crude at 102.60 and TP 103.50 without much thinking since i was bored from gold slow action and price didn't reached 103.5 so now i am a bit red there, and giving it a more serious look there is pressure on both sides, bears and bulls {image} now here we see price just touched a Fibonacci level - the 50% level and went up somewhat and now is the summer season so peak in oil price can be expected especially with a couple of conflicts around the world and looking at last years price...
Long closed after 101.84 level got broke
  • #210
  • Jul 25, 2014 9:05am Jul 25, 2014 9:05am
I was looking for a long on 103.92 but did not get triggered...
now I'm looking for some retest on this 102 area to place a short...
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #211
  • Jul 25, 2014 11:15am Jul 25, 2014 11:15am
Quoting room217
now I'm looking for some retest on this 102 area to place a short...
what a "retest..." =p

according to the some PA articles i'm reading I could set a sell on the begging of the retest and set the stop on the peak... however the movement was a little to big...
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #212
  • Jul 26, 2014 1:50am Jul 26, 2014 1:50am
Watch out for a breakout next week.

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  • #213
  • Jul 27, 2014 10:16am Jul 27, 2014 10:16am
The RSI recovered from its level of 50 and moved up while the MACD has a positive side, went above its signal line, confirming the all time high
  • #214
  • Jul 28, 2014 5:40am Jul 28, 2014 5:40am
Quoting atom3
{quote} Long closed after 101.84 level got broke
In my view oil still showing some selling pressure.
Reaction to geopolitical-military tensions aren't giving so much bullish action as expected before.
  • #215
  • Jul 28, 2014 3:40pm Jul 28, 2014 3:40pm
Nial Fuller's web site shown this setup as well...
hit the sell order and retracted... let's see tomorrow...
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #216
  • Jul 28, 2014 3:48pm Jul 28, 2014 3:48pm
actually nial fuller setup is in another tf...
"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #217
  • Jul 28, 2014 11:40pm Jul 28, 2014 11:40pm
Security Council concerned about illicit oil trade as revenue for terrorists in Iraq, Syria
http://static.un.org/News/dh/photos/...4Oil_Pumps.jpg
Oil pumps. Photo: World Bank/Gennadiy Kolodkin (file)

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28 July 2014 – Voicing grave concern over the reported access to and seizure of oilfields and pipelines in Syria and Iraq by the Islamic State in Iraq and the Levant (ISIL) and Jabhat Al-Nusra, the Security Council today underscored that there should be no trade in oil with these terrorist groups.
In a presidential statement, the 15-member body underscored that “any trade of oil with these entities would be inconsistent with the Council’s resolutions and that all States are required to ensure that their nationals and any persons within their territory do not trade in oil with these entities.”
The Council strongly condemned any engagement in direct or indirect trade of oil from Syria and Iraq involving terrorist groups, and emphasized that such engagement constitutes financial support for terrorists.
“The Security Council notes with concern that any oilfields and related infrastructure controlled by terrorist organizations could generate material income for terrorists, which would support their recruitment efforts, including of foreign terrorist fighters, and strengthen their operational capability to organize and carry out terrorist attacks.
All States were reminded that they are required to ensure that their nationals and anyone within their territory not engage in any commercial or financial transactions with or for the benefit, directly or indirectly, of ISIL and Jabhat Al-Nusra with respect to oil in Syria and Iraq.
  • #218
  • Jul 29, 2014 10:49am Jul 29, 2014 10:49am
undecided...
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"To get rich you must have a lot of money" - Joe Abandoned Mine
  • #219
  • Jul 30, 2014 7:45am Jul 30, 2014 7:45am
Taking her time

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  • #220
  • Jul 30, 2014 9:24am Jul 30, 2014 9:24am
ha ha ha ..... good analysis man , thanks
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