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Trading Crude Oil with price action + indicator

  • #981
  • Nov 22, 2016 4:47am Nov 22, 2016 4:47am
Quoting JimmyC
{quote} Moved TP to 54 SL @ BE 47.50 give or take. Will swing the stop but still think 54+ is possible in the next three weeks unless OPEC bombs out. (same chart, same strategy)

Jimmy when you buy your dips towards 50 what timeframe do you trade of
  • #982
  • Nov 22, 2016 6:47am Nov 22, 2016 6:47am
Quoting don555
{quote} Jimmy when you buy your dips towards 50 what timeframe do you trade of
1H - candle pattern
  • #983
  • Nov 22, 2016 7:14am Nov 22, 2016 7:14am
Quoting JimmyC
{quote} 1H - candle pattern
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2016-11-22 at 3.13.08 PM.png Size: 42 KB


On pivot approaching S1
?trend
  • #984
  • Nov 22, 2016 11:11am Nov 22, 2016 11:11am
Quoting webizone
{quote} Better still, sell off my crude oil bet and buying audcad.
Did I know I was going to be correct? Perhaps the market could be studied after all? In any case, glory be to GOD.
  • #985
  • Nov 24, 2016 3:53am Nov 24, 2016 3:53am
Brent Crude

1H
Price compression, small symmetrical triangle could break either way, Happy thanks giving to the US guys.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2016-11-24 at 11.49.47 AM.png Size: 48 KB


OPEC decision next week has the market looking to price to the upside on a view that OPEC will agree to slow supply.

Trade safe
  • #986
  • Nov 25, 2016 8:53am Nov 25, 2016 8:53am
Quoting JimmyC
Brent Crude 1H Price compression, small symmetrical triangle could break, either way, Happy thanksgiving to the US guys. {image} OPEC decision next week has the market looking to price to the upside on a view that OPEC will agree to slow supply. Trade safe
1H Brent Crude

Attached Image (click to enlarge)
Click to Enlarge Name: Brent Crude 1H.png Size: 70 KB


The symmetrical triangle broke south and resolved to support & 2nd target for the short, if you took it, well done.

I've used the opportunity to open a new buy at support and still targeting 54.
Have a good weekend, note some countries not attending the OPEC meeting next week, use stops and caution event risk

Trade safe!
  • #987
  • Nov 26, 2016 10:49am Nov 26, 2016 10:49am
OPEC doing OPEC things.. why do people keep listening to these jokers? Next week after they punted their decision we'll see what happens, maybe they will surprise me and actually do something. But Freezing is not helpful, they all need to cut.. and good luck with that. Oh, and somewhere in Texas didn't they just find the biggest sweet crude field ever? ... Still see no reason why Oil gets north of $60 ... $30 handle is coming in the months ahead. I think I heard once, the cure for low prices, is low prices... there isnt enough pain yet ... need to see more pain.
  • #988
  • Nov 27, 2016 1:37pm Nov 27, 2016 1:37pm
Here is my plan for trading into and out of the OPEC decision next week -
Inserted Video
  • #989
  • Nov 28, 2016 4:24am Nov 28, 2016 4:24am
More fun

http://www.reuters.com/article/us-op...-idUSKBN13N0Q6
  • #990
  • Nov 28, 2016 4:38am Nov 28, 2016 4:38am
Are they supposed to announce smth today after initial meeting in Vienna ?
  • #991
  • Nov 28, 2016 4:57am Nov 28, 2016 4:57am
Quoting yanitsa
Are they supposed to announce smth today after initial meeting in Vienna ?
Nov 30
  • #992
  • Nov 28, 2016 5:02am Nov 28, 2016 5:02am
Brent crude:

Intraday key:
Resistance 4484,3
Support 4721
  • #993
  • Nov 28, 2016 5:09am Nov 28, 2016 5:09am
Quoting JimmyC
{quote} Nov 30
Thanks
  • #994
  • Nov 28, 2016 6:54am Nov 28, 2016 6:54am
Quoting JimmyC
Brent crude: Intraday key: Resistance 4484,3 Support 4721
Jimmy if it broke either of those levels in your opinion where is it likely to go
  • #995
  • Nov 28, 2016 9:11am Nov 28, 2016 9:11am
Quoting don555
{quote} Jimmy if it broke either of those levels in your opinion where is it likely to go
Well, for now it seems the upside os looking good, unless a talking head walks out of opec with bad news
  • #996
  • Nov 28, 2016 3:56pm Nov 28, 2016 3:56pm
So this just came out from Iran's official oil ministry site - title says it all: "Iran not to compromise OPEC Quota" (long read)

http://www.shana.ir/en/newsagency/27...ise-OPEC-Quota
  • #997
  • Nov 29, 2016 4:42am Nov 29, 2016 4:42am
Quoting JimmyC
{quote} Well, for now it seems the upside os looking good, unless a talking head walks out of opec with bad news

How low will we drop today ?
  • #998
  • Nov 29, 2016 9:33am Nov 29, 2016 9:33am
Quoting JimmyC
Brent crude: Intraday key: Resistance 4484,3 Support 4721


Jimmy it looks like your key support from yesterday has come in to play will it bounce up from there ?
  • #999
  • Nov 29, 2016 10:22am Nov 29, 2016 10:22am
Come-backer and small H&S pattern developing.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2016-11-29 at 10.21.39 AM.png Size: 208 KB
  • #1,000
  • Nov 30, 2016 3:27am Nov 30, 2016 3:27am
Quoting don555
{quote} Jimmy it looks like your key support from yesterday has come in to play will it bounce up from there ?
Supports "usually hold" in an uptrend.
The issues for today:
OPEC and Crude inventories mean that sudden changes in fundamentals could destroy the shorter term technicals in a few seconds.

The market is "expecting" an Opec agreement and there have been quite comprehensive leaks as to whats on the table.
Saudi is not playing ball though and there is an enormous amount of internal bickering still in progress.

The current weekly level will crack easily after the decision and we could see downside to $40 within minutes to hours of a disappointment extending to $36 but upside to 50 / 54 if there is a strong agreement.

We can be sure that today will show high volatility. Positions, especially new ones today should be small, with wide stops and guaranteed stops, in general these are not safely traded events much like NFP.
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