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Trading Crude Oil with price action + indicator

  • #1,001
  • Nov 30, 2016 3:28am Nov 30, 2016 3:28am
Quoting don555
{quote} Jimmy it looks like your key support from yesterday has come in to play will it bounce up from there ?


Well Jimmy it seems like I was right regarding the bounce.
Just came on to my computer in the last 5 minutes and noticed it has bounced up about 250 pips.

What are the key resistance and support levels now ?

Punter who knows your next leg down for your head and shoulders might come later today or tomorrow if Jimmy will supply more key levels.
  • #1,002
  • Edited 8:09am Nov 30, 2016 5:30am | Edited 8:09am
Key R 5079,1 DT. Still no OPEC news BUT deal is "close" - Bloomberg.
news conference scheduled for 1500 GMT. http://www.opec.org/opec_web/en/multimedia/349.htm
Next bump R 5137
  • #1,003
  • Nov 30, 2016 8:24am Nov 30, 2016 8:24am
so it looks like they are cutting... to the 32.5 level that was all the way to ... wait for it ..... to .... THIS APRIL! LOL (which you will see was at full steam ahead anyways.). Oh, these guys... are master charlatans - take note.
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  • #1,004
  • Nov 30, 2016 8:34am Nov 30, 2016 8:34am
Some disappointment as the deal only "starts" in January for six months but can be extended.... or was that priced in?
  • #1,005
  • Nov 30, 2016 12:06pm Nov 30, 2016 12:06pm
Quoting JimmyC
Some disappointment as the deal only "starts" in January for six months but can be extended.... or was that priced in?
yea who knows. nothing broke technically for me b/c of this. we shall see what happens if USD continues to strengthen too.
  • #1,006
  • Dec 1, 2016 9:10am Dec 1, 2016 9:10am
H & S broke. One trendline to go and a medium term top -- madness.
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  • #1,007
  • Dec 2, 2016 1:15am Dec 2, 2016 1:15am
Quoting JimmyC
BRENT CRUDE (DAILY) Some fundamental confusion: http://www.reuters.com/article/us-gl...-idUSKBN13A068 Chart: Hammer at support with positive response triggered a range trade from support to resistance (nothing clever). Price has been capped at the 200sma. Looking to buy dips towards 50. {image} Trade safe, manage risk, use a stop.
The aforementioned trade autoclosed. - Flat.

Daily - exit chart.

Crude is trending sideways - up
Price remains above the 200sma (trend holding)
There might be -ve divergence on RSI / Stochs but this doesn't have supporting candles
Price appears to be operating in a channel up
I see no safety in entering short, though it seems a pullback or some profit taking would be in order given option levels and technical targets being reached.
I'll place lower levels on watch and exit this market till opportunities become more obvious.

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Trade safe
  • #1,008
  • Edited 8:20am Dec 2, 2016 7:23am | Edited 8:20am
Oil - Brent 1H

If it goes up, the flag might work.

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Long on the break.
  • #1,009
  • Dec 5, 2016 3:50am Dec 5, 2016 3:50am
Quoting JimmyC
Oil - Brent 1H If it goes up, the flag might work. {image} Long on the break.
Brent Crude Oil 1H

Continuation, flag worked

Attached Image


Trade safe
  • #1,010
  • Edited 7:13am Dec 5, 2016 6:37am | Edited 7:13am
Potential re-entry point if support holds... or an exit.
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Swing stop @5477
  • #1,011
  • Dec 5, 2016 7:16pm Dec 5, 2016 7:16pm
Quoting JimmyC
Potential re-entry point if support holds... or an exit. {image} Swing stop @5477

Jimmy its a pity that you did not alert us to the symmetrical triangle on the 1 hour chart from 11.00 am to 19.00 pm the reason I am saying this is that I concentrate solely on a 2 min chart.

I that believe that we could be good for each other you tell me when the 1 hour symmetricals occur and I will tell you when to strike my strategy is based on the opening range through out the day occurring every 8 hours.

Hope we can be beneficial to each other
  • #1,012
  • Dec 5, 2016 11:21pm Dec 5, 2016 11:21pm
Quoting JimmyC
Potential re-entry point if support holds... or an exit. {image} Swing stop @5477
S/O on swing stop tp.
  • #1,013
  • Dec 6, 2016 12:29am Dec 6, 2016 12:29am
Wti at strong resistance on daily.
I doubt 52.15 will be breached today.
I see a pullback to 50.35 at least
It's a big game.
  • #1,014
  • Dec 6, 2016 1:37pm Dec 6, 2016 1:37pm
Crude 2H Chart:
H&S Topping Pattern.
Cheers, U2
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Wait, or you will be slaughtered!
  • #1,015
  • Dec 6, 2016 8:37pm Dec 6, 2016 8:37pm
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  • #1,016
  • Dec 7, 2016 7:41am Dec 7, 2016 7:41am
Short Brent Crude

Daily
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If the channel continues to work... then this might be an interesting trade.
High probability entry supporting candles and channel pattern, risk, counter trend. Type: Position trade (2 weeks +)

1H entry chart
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... not the best entry... but valid given the event duration and R:R

Trade safe
  • #1,017
  • Dec 8, 2016 9:07am Dec 8, 2016 9:07am

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patience
  • #1,018
  • Edited 1:33pm Dec 8, 2016 11:27am | Edited 1:33pm
Only five non-OPEC producers so far attending talks to widen output cut
http://uk.reuters.com/article/idUKKBN13X1V5

Oil above $50 on hopes for non-OPEC output cuts
http://uk.reuters.com/article/idUKKBN13W05M
  • #1,019
  • Dec 12, 2016 3:48am Dec 12, 2016 3:48am
Brent Daily

Trade (short) stopped out.
Nice surprise from the Saudi's augmenting the less than expected or wanted out-put from non-opec members.
Flat waiting for signals.

Trade safe
  • #1,020
  • Dec 12, 2016 10:35am Dec 12, 2016 10:35am
Quoting JimmyC
Brent Daily Trade (short) stopped out. Nice surprise from the Saudi's augmenting the less than expected or wanted out-put from non-opec members. Flat waiting for signals. Trade safe
Looks like gap filling in...
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