CADJPY and Oil follow the same pattern, and inverse of USDCAD.
i do around 20 oil trades a day all always take profit oil is great trade as it is very easy to follow on low charts and trades fast move in to profit. oil did go short and right now after london has closed we will see sideways and must wait for next move it could be up or down there is no sure was of guessing or plotting oil you need follow low charts and act fast
here are just my last 5 oil trades
690077 2008.01.07 16:25 buy 1.00 oil 93.83 0.00 0.00 2008.01.07 16:27 93.92 0.00 0.00 0.00 40.57
690096 2008.01.07 16:27 buy 1.00 oil 94.01 0.00 0.00 2008.01.07 16:28 94.06 0.00 0.00 0.00 20.54
690104 2008.01.07 16:28 buy 1.00 oil 94.16 0.00 0.00 2008.01.07 16:29 94.26 0.00 0.00 0.00 50.08
690115 2008.01.07 16:30 buy 1.00 oil 94.31 0.00 0.00 2008.01.07 16:39 94.41 0.00 0.00 0.00 50.08
690329 2008.01.07 16:52 buy 1.00 oil 94.21 0.00 0.00 2008.01.07 16:52 94.30 0.00 0.00 0.00 40.57
690380 2008.01.07 17:02 buy 1.00 oil 94.05 0.00 0.00 2008.01.07 17:06 94.13 0.00 0.00 0.00 40.06
690414 2008.01.07 17:11 sell 1.00 oil 94.37 0.00 0.00 2008.01.07 17:13 94.28 0.00 0.00 0.00 40.57
690483 2008.01.07 17:26 sell 1.00 oil 94.55 0.00 0.00 2008.01.07 17:28 94.50 0.00 0.00 0.00 20.54
690506 2008.01.07 17:31 sell 1.00 oil 94.61 0.00 0.00 2008.01.07 17:34 94.57 0.00 0.00 0.00 20.03
What time frame you see for OIL.. to do quick trades..
I usually work on longer time frame though
and what indicators you using along with what time frame to make Quick trades.. just to have an idea.
hello i use 1m on oil just closed another load of pips on that move, i use rsi, stoc but in main i use my own indicator that i made
Getting Long clearance of $95
Is there a way to trade oil from a forex broker account? or is this traded with another type of broker?
i am trading with my broker stifxonline.com
trading oil, gold, and other currencies.
Thanks, I'll take a look. How long have you been with this broker? There are true horror stories of bad brokers and folks who have lost their accounts.
Thank you, sounds good. :-) I'll check out a demo account and see how they are.
There are some FX brokers which offer Oil. These include ODL, North Finance,WHC and FXPro. There are probably a number of others. I cannot recommend any of these although I do have a small live account with North Finance. ODL is registered with the FSA which means it is likely to be more reputable than some others. Please be aware that a lot of brokers are not regulated by any authority.
I see oil to fall back to 91 levels.
Oil traders pass your views.
Oil / USD
Given the historical relationship between oil and the US Dollar, it was interesting to note that during the market action on Friday when the Dollar was gaining on T-Note action, oil also went up.
There's been a lot of talk around about oil prices coming down, however the chart seems to be saying otherwise, i.e. oil is going up. The monthly chart (bearing in mind that higher time frames always rule the day) - with 21 and 55 ema's crossing over coming up from underneath and the 200 also providing support, it doesn't look like oil will be going south at all.
On the lower 4H time frame, price is doing higher highs, higher lows.
On the daily time frame, we have a potential W bottom (this is also showing up on other charts, like AU). W patterns are generally very strong for north.
Which of course, leaves us to contemplate whether market does in fact have the stomach to back dollars or whether the PA on Friday was more a case of speculation getting ahead of itself.
Here's another chart, showing a piercing line bull candle on the daily (Thursday's candle). Piercing line candles occur when a bull candle "pierces" up into a a bear candle. They indicate that price is going up for a sustained period of time (i.e. good entry point candle). When seen in the context of a W pattern, it is a reasonably strong indicator that price is going north.
I don't think the Thursday's candle closed far enough into the red body to consider it a piercing candle IMO.
bullish trendline on daily chart in gold is still intact; so long as this persists i don't believe a replay of Q4 2008 is in the cards, and so i don't believe USD can sustain a rally against commodities. i think this might be more akin to a period of consolidation before another leg upwards.
Obama is already trying to hose down the bullish momo in oil, but neither analaysts, oil journo's or market itself seems to be buying it. When the pollies turn up the rhetroic, you know they already know it is going up - BO is just trying to cover his political ass before the event.
The oil PA on Friday is also being correlated with threats from the Mississippi flooding, however this doesn't seem sufficient to give oil the bouyancy it had during such a strong up move on the USD.
No surprise if we break the support....we have to look for intraday to see that
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