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Trading Crude Oil with price action + indicator

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  • Post #1
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  • First Post: Jun 17, 2013 10:24pm Jun 17, 2013 10:24pm
  •  mahk90
  • | Joined Mar 2013 | Status: Member | 54 Posts
Hi all,

i'm going through my fair share of sleepless nights in trying to be a competent trader.

is anyone having any luck trading crude oil using price action but with an indicator to help confirm entries and exits.

Thanks in Advance

MAHK
  • Post #2
  • Quote
  • Jun 18, 2013 2:16am Jun 18, 2013 2:16am
  •  mystic
  • | Joined Jul 2009 | Status: Struggling trader on a mission | 211 Posts
Crude is hard to trade is some ways, but easy in others. It does form strong trends, that last for several hours, so you can catch a good part of the swing.

So far I've not found the secret of trading it profitably in practice, but a lot of the problem is that I am not awake for the US session and that is where prices move the most (Usually in the opposite direction to my trades!!)

A simple moving average is all you really need, although I use ALF from Lou G's ALF thread.
Holy Grail part 1. - Cut loses short.
 
 
  • Post #3
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  • Jun 18, 2013 6:04am Jun 18, 2013 6:04am
  •  shax
  • | Joined Apr 2013 | Status: Member | 9 Posts
Hello,

Oil is really acting weirder by the day, when Gold was falling oil went down with it, When stocks rallied it started rallying with it.
these days it is rallying as they claim the demand in summer time is higher in the asia and middle eastern countries due to which
the prices rise. OPEC wants a $100 wti- so that means brent should be around somwhere 107-108.. You can be a scalper of oil only if you
do not trade in the US session, that is because the movement is very strong in the US session, and if you miss out the right buy, sell
then you are likely to wait for a good hour or 2 for it to come back to the position you traded at. ASIA and European sessions would always be helpful as oil stays in the 1$ range 80% of the time. so you can have your luck. Also I am using RSI with value of 3 instead 14, which helps alot
when the market is slow follow the RSI valued at 3 with 15M-30M chart window and scalpe when there is lesser volatility that way you can even
put in big positions as your just aiming for 15-20points. and you can do that on hourly basis. Do not try to stick in a long position as it is really volatile these days. Wait for it to go 100.40-105 at leact before going long on Sell.


Regards
SHax.
 
 
  • Post #4
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  • Jun 18, 2013 7:49am Jun 18, 2013 7:49am
  •  mystic
  • | Joined Jul 2009 | Status: Struggling trader on a mission | 211 Posts
Thanks for your suggestions shax. I will try setting my charts like that tomorrow and see how it looks.
Holy Grail part 1. - Cut loses short.
 
 
  • Post #5
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  • Jun 18, 2013 12:09pm Jun 18, 2013 12:09pm
  •  mahk90
  • | Joined Mar 2013 | Status: Member | 54 Posts
Crude gives opportunities for 100-200 pips nearly everyday

But my problem is I enter or exit trades a bit late

Price action is the way but I'm looking for an indicator to help confirm entries as I keep procrastinating on my trades and end up missing them and the ones that I take, fail....
 
 
  • Post #6
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  • Jun 18, 2013 12:39pm Jun 18, 2013 12:39pm
  •  shax
  • | Joined Apr 2013 | Status: Member | 9 Posts
you are right Mahk90 oil moves around $1-$1.5 on daily basis on average , and 2-2.5$ when oil investory DATA comes.

We all do miss alot of trades thinking it should come to are ideal price and then our greed comes in and we wait for it to come down or up and bit more before we put our trades. Ive personally missed many many good trades that way, and the only thing ive learned is not to try to put in the
Perfect trade because we would likely to miss it. the best thing is wait for it to cover its daily range which is 1-1.25$ and then put in your trade.
these days after touching 98. it has really really slowed, Really hard to even scalp with it as it just moves in 15-25point range. Dow on the other hand is doing the same. I big volume on the up comes it goes higher and then the volume disappears and the market is dead for a good 2-3hours. and some action in the final hour.


Regards
Shax
 
 
  • Post #7
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  • Jun 20, 2013 5:40pm Jun 20, 2013 5:40pm
  •  Loola
  • | Joined Jun 2013 | Status: Raking Pips | 16 Posts
Thanks for the tip Shax, i've just reset my RSI as suggested,lets see how it goes. Am looking forward to learning a lot from you guys since i prefare trading crude to currency pairs.
 
 
  • Post #8
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  • Jun 21, 2013 7:17am Jun 21, 2013 7:17am
  •  noforex
  • | Joined Jun 2013 | Status: Junior Member | 1 Post
My observation goes closely with Shax. I have now set it to follow this advise. lets see how rewarding is the suggestion.
 
 
  • Post #9
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  • Jun 25, 2013 8:46am Jun 25, 2013 8:46am
  •  slimpippins
  • | Joined Jun 2013 | Status: Junior Member | 1 Post
Hi guys, can I inquire what instrument you guys trade, is it WTI? & what platform do you guys trade it with?

Im with GFT, and am interested in trading their WTI cfd, but their charts only go back to Nov 2008. This is inadequate for my style of trading.
"Price is the ultimate fundamental" Soros
 
 
  • Post #10
  • Quote
  • Jun 27, 2013 5:50am Jun 27, 2013 5:50am
  •  shax
  • | Joined Apr 2013 | Status: Member | 9 Posts
hello Slimpippins,

I trade WTI-CFD and also Brent Oil. and use MT4 platform, Ive also tried the vertex software but it was too slow and of no use.
and if you want to see charts more then 5 years then you can go to stockcharts.com, oilngold.com. they would tell you future forecasts
and also help you in which indicators to use. but these past few months its range bound so looking at 5-10year charts would not be that helpful unless it breaks on the upside or downside.


Regards
Shax
 
 
  • Post #11
  • Quote
  • Jun 29, 2013 5:36pm Jun 29, 2013 5:36pm
  •  txfxtrader
  • | Joined Jan 2012 | Status: Member | 105 Posts
Opened a demo calander spread on WTI. Looking to exit somewhere in the middle.
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  • Post #12
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  • Jul 2, 2013 8:45pm Jul 2, 2013 8:45pm
  •  shax
  • | Joined Apr 2013 | Status: Member | 9 Posts
Boy o Boy,

serious manupilation is going on right now in Oil trading, has anyone seen the pre-market open of WTI how fast it went straight up a $ to
100.60, They are just wiping out the retail traders right now. Stocks go up, Oil goes up, Gold goes up Oil goes up, US production rises Oil goes up, Unrest in Egypt Oil goes up, Iran has problems Oil goes up. IS everything in the world linked to WTI? This is just funny and weird.

It falls insane and recovers even more insanely!! For first time in Years the Gap of WTI - Brent Narrowed to almost under $4. there is some
right oil manupilation going on. Rumour has it they suspect WTI to reach 105+. Insane!


Shax.
 
 
  • Post #13
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  • Aug 14, 2013 11:19am Aug 14, 2013 11:19am
  •  don555
  • | Joined Apr 2010 | Status: Member | 388 Posts
What is the best way trade nymex on a 15minute chart any help would be appreciated.

I do not use M4 , I also think large moves can be caught by using ema crossovers and divergence.

Anyone interested ?
 
 
  • Post #14
  • Quote
  • Aug 15, 2013 12:35pm Aug 15, 2013 12:35pm
  •  Mian1
  • | Joined Jul 2013 | Status: EXPERT | 8 Posts
hi don555
best you trade on 1hour chart.i trade on i hour chart and less risk . AND BEST NOT TRADE ON NEWS OR DATA.
IF YOU WANT PROFIT TRADE ON TECHNICAL.
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  • Post #15
  • Quote
  • Aug 18, 2013 4:03pm Aug 18, 2013 4:03pm
  •  ghpk
  • | Joined Jan 2012 | Status: Member | 29 Posts
I've spent 2+ years in learning to trade on WTI, however its something which hits you real hard usually when "economic data" or relative news are
released, I do trade on demo account however I don't trade much on it, I follow the same pattern on Live account.

However even a expert can look Newbie, based on impact of data or news with the magnitude crude oil reacts to it.
Like currently everything is against the +ve trend but due to "Egypt Tension" it had build up so much support near 104-106 and
its looking hard to slice thru it.


There are too many factors to make you Bald in OIL Trading.

Attached few recent trades, sorted with profits, will post back more details once I am confident on my strategies.

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  • Post #16
  • Quote
  • Aug 19, 2013 6:36am Aug 19, 2013 6:36am
  •  don555
  • | Joined Apr 2010 | Status: Member | 388 Posts
Quoting Mian1
Disliked
hi don555 best you trade on 1hour chart.i trade on i hour chart and less risk . AND BEST NOT TRADE ON NEWS OR DATA. IF YOU WANT PROFIT TRADE ON TECHNICAL. {image}
Ignored

Mian am I not better to trade of a 15 min chart if it is showing divergence
 
1
  • Post #17
  • Quote
  • Aug 25, 2013 4:33pm Aug 25, 2013 4:33pm
  •  don555
  • | Joined Apr 2010 | Status: Member | 388 Posts
what is the best sma to use on a 1 hr chart for guaranteed profits ?
 
 
  • Post #18
  • Quote
  • Aug 25, 2013 11:00pm Aug 25, 2013 11:00pm
  •  inpatient
  • | Joined Dec 2011 | Status: Rags to riches | 1,316 Posts
Quoting don555
Disliked
what is the best sma to use on a 1 hr chart for guaranteed profits ?
Ignored
Oil more than anything is driven by news and IMO SMA or any other indicators for oil are almost useless.

Oil is ripe for trading in channels and it is just a case of recognizing where the S and D points are at any given time.
Money never sleeps...
 
 
  • Post #19
  • Quote
  • Aug 29, 2013 10:04am Aug 29, 2013 10:04am
  •  Waqasahmed35
  • | Joined May 2013 | Status: Member | 9 Posts
attack on syria cam move crude oil upto $150
 
 
  • Post #20
  • Quote
  • Aug 29, 2013 11:05am Aug 29, 2013 11:05am
  •  don555
  • | Joined Apr 2010 | Status: Member | 388 Posts
Quoting inpatient
Disliked
{quote} Oil more than anything is driven by news and IMO SMA or any other indicators for oil are almost useless. Oil is ripe for trading in channels and it is just a case of recognizing where the S and D points are at any given time.
Ignored


Can you please tell me what IMO means ?
 
 
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