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WTI Crude Oil Trading

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  • Post #2,881
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  • Jul 25, 2019 1:33pm Jul 25, 2019 1:33pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Thanks for your kind words Detector
1
  • Post #2,882
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  • Jul 25, 2019 1:34pm Jul 25, 2019 1:34pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
H1 Moty, we are going up - another SP for me
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  • Post #2,883
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  • Jul 25, 2019 1:40pm Jul 25, 2019 1:40pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
However, a lesson I have to seem to keep on learning about oil, (except now I have got it, after having been caught out at a loss a couple of times), is that oil expires. Thus trading it with this method on a long time frame can catch you in a loss as the contract expires. So that's why I elected to trade it on M30 if it looks viable.

And hence the use of SP (SL).
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  • Post #2,884
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  • Jul 25, 2019 2:04pm Jul 25, 2019 2:04pm
  •  detector
  • Joined Dec 2017 | Status: Member | 3,618 Posts
WTI now switched to a sell, make its mind up!!!D
I don't need to be good at the game, only good enough to beat my opponent,
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  • Post #2,885
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  • Jul 25, 2019 2:07pm Jul 25, 2019 2:07pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Oh Yes, I keep not wanting to look left on the screen because when I do I see a long road of going now where....
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  • Post #2,886
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  • Jul 25, 2019 2:09pm Jul 25, 2019 2:09pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Look if you guys want to go short I know how to drop the price. I start trailing it down and as soon as my trail hits you go short. Guaranteed it'll go down.
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  • Post #2,887
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  • Jul 25, 2019 2:21pm Jul 25, 2019 2:21pm
  •  Ll1979
  • Joined Dec 2008 | Status: Member | 2,923 Posts
Quoting derekw
Disliked
I 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
Welcome!
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persistence and determination alone are omnipotent
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  • Post #2,888
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  • Jul 25, 2019 2:28pm Jul 25, 2019 2:28pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Ok, I was slightly off of my TP and I decided to close my order rather possibly wait out another few hours!
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  • Post #2,889
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  • Jul 25, 2019 2:30pm Jul 25, 2019 2:30pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Quoting Ll1979
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{quote} Welcome! {image}
Ignored
Oh thanks Li!
You do make me feel welcome. Unfortunately tomorrow I have other work to do, but I'll try to come back here as soon as I can. I have enjoyed sharing with you guys.
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  • Post #2,890
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  • Jul 25, 2019 2:31pm Jul 25, 2019 2:31pm
  •  detector
  • Joined Dec 2017 | Status: Member | 3,618 Posts
Short 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, D
I don't need to be good at the game, only good enough to beat my opponent,
1
  • Post #2,891
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  • Jul 25, 2019 2:39pm Jul 25, 2019 2:39pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Just a final word on my version of Stop Loss, (SL) and Stop Profit, (SP).

Stop Loss is a lie. What really happens is that you make a loss and then close your order. How is that a stop loss? Did you mean Stop Bigger Losses than you already Made - SBLtM?
Stop Profit means that you only use a SL when you are already in profit. Thus SL = BE (Break Even) and so really when it closes you are stopping profit and not taking a loss. The system above allows you to do that if you followed what I showed.

I have never heard of the concept of SP in trading. As far as I know it is my invention and I have coined it. Correct me if I'm wrong!

But read this post again and you'll see I'm right. If you want to place a Stop Loss then place it so far away that it'll only be of use if WW3 breaks out.

But again that is only of use if you are trading like I described above and I do understand that there are trading styles more profitable than mine.

I wish you the best of luck until I have time to join you again. Thanks so much for your welcoming attitudes. And make no mistake - everything each one of you have said to me has made me think!
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  • Post #2,892
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  • Jul 25, 2019 2:46pm Jul 25, 2019 2:46pm
  •  Ll1979
  • Joined Dec 2008 | Status: Member | 2,923 Posts
Quoting detector
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Short 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, D
Ignored
that's what i am talking about buddy!

Compounding interest!!
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persistence and determination alone are omnipotent
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  • Post #2,893
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  • Jul 25, 2019 3:07pm Jul 25, 2019 3:07pm
  •  Ll1979
  • Joined Dec 2008 | Status: Member | 2,923 Posts
WTI bulls finding tough opposition but price holds support on $56 handle
25 July 2019, 22:02

 

  1. WTI has advanced by 0.34% on the day but remains anchored.
  2. The price has been capped by the 200-day moving average

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.

persistence and determination alone are omnipotent
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  • Post #2,894
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  • Jul 25, 2019 3:15pm Jul 25, 2019 3:15pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Sorry to be a pain again guys, but this will be absolutely bloody final. When Draghi and stuff happened today many indices had price spikes. I recognise this one for oil. I always draw a red line so that I remember. See bottom of my chart. This is a very likely low target off of Batman's head and shoulders. It's a possible trickle down. Personally I would not short it unless my strategy gives me the opportunity, but it may also materialise as a place to buy again, your strategy allowing.
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  • Post #2,895
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  • Jul 25, 2019 4:00pm Jul 25, 2019 4:00pm
  •  corinthia
  • Joined Feb 2011 | Status: Member | 111 Posts
Quoting derekw
Disliked
I 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
Thanks Derek. Will download and try out the indicator. Thanks also for the great pointers.
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  • Post #2,896
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  • Jul 25, 2019 4:20pm Jul 25, 2019 4:20pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Oh No. Just happened.

Ukraine Seizes Russian Oil Tanker, Moscow Threatens "Consequences"
https://zh-prod-1cc738ca-7d3b-4a72-b...?itok=LY4e264-
by Tyler Durden
Thu, 07/25/2019 - 11:20
2
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Authored by Tsvetana Paraskova via OilPrice.com,
Ukraine’s security services said on Thursday they had detained a Russian oil tanker that had blocked Ukrainian warships near Crimea in November, drawing reaction from Russia which vowed ‘consequences’ should Russians aboard the tanker be taken hostage.
On Thursday, Ukraine’s security service seized Russian tanker Neyma, which Ukraine believes took part in the incident in the Kerch Strait near Crimea in November 2018.
  • Post #2,897
  • Quote
  • Jul 25, 2019 4:22pm Jul 25, 2019 4:22pm
  •  derekw
  • Joined Mar 2013 | Status: Member | 1,503 Posts
Quoting corinthia
Disliked
{quote} Thanks Derek. Will download and try out the indicator. Thanks also for the great pointers.
Ignored
It's my pleasure and I wish you luck. Try Dax H4, with a lot of patience and SPX D1 with double the amount!
  • Post #2,898
  • Quote
  • Jul 25, 2019 5:18pm Jul 25, 2019 5:18pm
  •  timingchain
  • Joined Nov 2014 | Status: Member--on leave | 595 Posts
The downward movement signaled by the red arrow remains intact after an uncertain day.
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  • Post #2,899
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  • Jul 25, 2019 5:51pm Jul 25, 2019 5:51pm
  •  detector
  • Joined Dec 2017 | Status: Member | 3,618 Posts
Quoting timingchain
Disliked
The downward movement signaled by the red arrow remains intact after an uncertain day. {image}
Ignored
TC, always noticed the pattern on your chart, when the arrow appears the price advances then pulls back to the magenta then carries on, remarkable free services is this thread as I've often said, as always D
I don't need to be good at the game, only good enough to beat my opponent,
2
  • Post #2,900
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  • Jul 25, 2019 5:56pm Jul 25, 2019 5:56pm
  •  Ll1979
  • Joined Dec 2008 | Status: Member | 2,923 Posts
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persistence and determination alone are omnipotent
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