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Trading Crude Oil with price action + indicator

  • #861
  • Aug 19, 2016 5:49am Aug 19, 2016 5:49am
Seems more upside likely for WTI.
Attached Image (click to enlarge)
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  • #862
  • Aug 22, 2016 5:25am Aug 22, 2016 5:25am
Quoting JimmyC
{quote} I have exit rules, Stop / Take Profit moved to 4973.8 Swing exit. Locked
Hi JimmyC! I guess it is more likely retracement to 48-47.5 and up again vs downtrend. what do you see?
  • #863
  • Aug 22, 2016 10:52pm Aug 22, 2016 10:52pm
Quoting JimmyC
{quote} I have exit rules, Stop / Take Profit moved to 4973.8 Swing exit. Locked
TP on swing stop.

Daily,

Will wait for numbers tomorrow for clearer direction.
This could be a consolidation area

As price has turned before putting in a new high, there may be cause to consider that the Oil Bear remains in town....
The market will tell us.

Attached Image (click to enlarge)
Click to Enlarge Name: Brent Crude Daily 23.08.2016.png Size: 300 KB


Trade safe
  • #864
  • Aug 23, 2016 8:53am Aug 23, 2016 8:53am
Hmm nice spike, anyone short as me ? Really pain to watch.
I'm short since the morning @46.91, SL @48.50 barely missed for now...
Was it all and we go back down here ?
Attached Image (click to enlarge)
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buying tops / selling bottoms
  • #865
  • Aug 24, 2016 5:15pm Aug 24, 2016 5:15pm
Hello, is 2.5 spread for usoil a good spread? what broker do you all recomend?
  • #866
  • Aug 24, 2016 5:16pm Aug 24, 2016 5:16pm
very good - who offers 2.5?
  • #867
  • Aug 24, 2016 5:24pm Aug 24, 2016 5:24pm
OANDA, but for scalping spread can be too wide
  • #868
  • Aug 26, 2016 12:14am Aug 26, 2016 12:14am
This has been a yawn per day week.
The 48.49 support remains intact, if it breaks, direction would be obvious.
The gap down from Monday doesn't seem to be a breakaway gap. <yet>
It should be expected that the overall formation is bearish. So beware upside breaks that don't make new highs.

Some US market sentiment is bearish in nature: http://www.eia.gov/todayinenergy/detail.cfm?id=27672

Most days have been inside days and its clear that we need more data before direction will become clear.
For the longer term traders, there is no obvious need to enter positions.

As always we will watch price

Trade safe
  • #869
  • Aug 31, 2016 11:16pm Aug 31, 2016 11:16pm
Quoting JimmyC
This has been a yawn per day week. The 48.49 support remains intact, if it breaks, direction would be obvious. The gap down from Monday doesn't seem to be a breakaway gap. <yet> It should be expected that the overall formation is bearish. So beware upside breaks that don't make new highs. Some US market sentiment is bearish in nature: http://www.eia.gov/todayinenergy/detail.cfm?id=27672 Most days have been inside days and its clear that we need more data before direction will become clear. For the longer term traders, there is no obvious...
As per daily triangle bearish to 43 area. fridays nfp data might speed up or turn north. i would wait..
  • #870
  • Sep 1, 2016 12:20pm Sep 1, 2016 12:20pm
So any idea when this thing will stop to fall ? I'm short since 48 and 49, target at 40.
But now seeing the downward momentum I'm thinking to widen at least for half of my position.
Btw. this is my very first trade in oil...
Attached Image (click to enlarge)
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buying tops / selling bottoms
  • #871
  • Sep 2, 2016 2:35pm Sep 2, 2016 2:35pm
Quoting voty
So any idea when this thing will stop to fall ? I'm short since 48 and 49, target at 40. But now seeing the downward momentum I'm thinking to widen at least for half of my position. Btw. this is my very first trade in oil... {image}
Closed all today at 43.8. Let's not be too hungry...
buying tops / selling bottoms
  • #872
  • Sep 4, 2016 9:21am Sep 4, 2016 9:21am
Quoting voty
{quote} Closed all today at 43.8. Let's not be too hungry...
voty good trade well done
but what made you close at that time ?
  • #873
  • Sep 4, 2016 11:22am Sep 4, 2016 11:22am
Quoting don555
{quote} voty good trade well done but what made you close at that time ?
Thanks, maybe it was a mistake and I closed too fast, but sometimes less is more.
I'm also now short NZDCAD so I'd like to see the oil going a little up for a while.
buying tops / selling bottoms
  • #874
  • Sep 5, 2016 12:28am Sep 5, 2016 12:28am
Taking a nibble from 47, 1H chart showed BF / CH, so valid entry. Will hold for a bit.
  • #875
  • Sep 5, 2016 12:32am Sep 5, 2016 12:32am
Quoting JimmyC
Taking a nibble from 47, 1H chart showed BF / CH, so valid entry. Will hold for a bit.
apparently some serious rejection 48.50/60 area.... might be over as soon as it started...
  • #876
  • Sep 5, 2016 4:48am Sep 5, 2016 4:48am
Quoting JimmyC
{quote} apparently some serious rejection 48.50/60 area.... might be over as soon as it started...
so, if there is no need to freeze output - back to 46.7 and deeper?
  • #877
  • Sep 5, 2016 6:42am Sep 5, 2016 6:42am
Quoting RiderKBP
{quote} so, if there is no need to freeze output - back to 46.7 and deeper?
Its possible, its possible. Putin and the other talking heads almost had us fooled...
  • #878
  • Sep 7, 2016 6:25am Sep 7, 2016 6:25am
Quoting JimmyC
{quote} Its possible, its possible. Putin and the other talking heads almost had us fooled...
Any thoughts where we go now?
  • #879
  • Sep 7, 2016 10:49pm Sep 7, 2016 10:49pm
up
  • #880
  • Sep 7, 2016 11:02pm Sep 7, 2016 11:02pm
Quoting raiders
up
yeap, 48.7x strong resistance, once broken may reach 50. inventories data supposed to be low. lets see..
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