Thanks for your kind words Detector
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DislikedI must though apologize for splurging all this here. I feel like I took over your space. Sorry for that guys. If anything I said helps I'm glad, but it's been very nice also to hear your opinions, which I have all learned from. A great bunch on this forum.Ignored
DislikedShort closed on trailing stop, I'm out and staying out going to let the organic way lead, sticking to the plan of the trade management, still a few to come back into the fold but the way forward for now, D EDIT Think 55.80 close below and you have your short, good luck all, DIgnored
The price of oil has tried to correct but bulls have found strong opposition and the price continues to decline in the face of ongoing concern over global growth amid trade conflicts which remains the top concern of investors.
WTI has advanced by 0.34% on the day but remains anchored within the lower end of the $55.85 and $56.96 range. The futures contract at least made some ground following a near 11-million-barrel drawdown in crude inventories yesterday, with front-month September delivery gaining 25 cents, or 0.4%, to trade at $56.12 a barrel.
The downside in the price of oil came in the wake of reports that Saudi Arabia had met with Kuwaiti officials and had discussed ramping up oil production in the southern neutral zone. This, coupled with poor global PMIs, a very bearish outlook for the eurozone from ECB's President Mario Draghi and poor manufacturing data earlier in the week has weighed on oil. This all makes next week's meeting between trade China's and US's negotiators timely and even more critical.
WTI levels
The price has been capped by the 200-day moving average. On the downside, a break of support located on the rising support line of the channel at 55.80, opens 54.60, (61.8% Fibo.) and, on the wide, the 14th Jan 50.41 lows ahead of the 26th November lows, located at 49.44. On the upside, a push through 57.40 and the accumulation of daily 20, 50 and 200 moving averages opens the 20-week moving average, bulls will then look to the 60 handle and double top in the 60.80s.
DislikedI trade it like this, (adjust the colours to represent mine): Sell a red cross if it is above the channel line. Then add a take profit close to the bottom of the channel line. You can see from my posts. Do this every time that it presents itself. So that you may end up with a few Sell orders, with TPs in place; all the same place. As the trade matures and the bottom channel line moves, then move your TPs accordingly. In other words you must monitor your trades. I seldom use SL's. I use SL's mostly when trading lower TFs. If your TP turns to a loss...Ignored
Disliked{quote} Thanks Derek. Will download and try out the indicator. Thanks also for the great pointers.Ignored
DislikedThe downward movement signaled by the red arrow remains intact after an uncertain day. {image}Ignored