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OIL/USD charts

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  • Post #1
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  • First Post: Jan 7, 2008 12:43pm Jan 7, 2008 12:43pm
  •  jacobtrader
  • | Joined Dec 2007 | Status: Member | 570 Posts
I created this new Thread.. Since i didnt find it.
And i think its good to diversify..

Ok I think OIL/USD pair will fall down towards 93 levels. And then will rebound.. and push higher.. it did fall today to 93.70 levels.

Pass your views..
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  • Post #2
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  • Jan 7, 2008 12:57pm Jan 7, 2008 12:57pm
  •  forexlion
  • | Additional Username | Joined Sep 2009 | 8,623 Posts
CADJPY and Oil follow the same pattern, and inverse of USDCAD.
 
 
  • Post #3
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  • Jan 7, 2008 1:05pm Jan 7, 2008 1:05pm
  •  toptrader
  • | Joined Dec 2007 | Status: genius does what it must. | 50 Posts
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
Talent does what it can; genius does what it must.
 
 
  • Post #4
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  • Jan 7, 2008 1:10pm Jan 7, 2008 1:10pm
  •  jacobtrader
  • | Joined Dec 2007 | Status: Member | 570 Posts
What time frame you see for OIL.. to do quick trades..
I usually work on longer time frame though
 
 
  • Post #5
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  • Jan 7, 2008 1:10pm Jan 7, 2008 1:10pm
  •  jacobtrader
  • | Joined Dec 2007 | Status: Member | 570 Posts
toptrader,
and what indicators you using along with what time frame to make Quick trades.. just to have an idea.

Appreciate it
 
 
  • Post #6
  • Quote
  • Jan 7, 2008 1:13pm Jan 7, 2008 1:13pm
  •  toptrader
  • | Joined Dec 2007 | Status: genius does what it must. | 50 Posts
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
Talent does what it can; genius does what it must.
 
 
  • Post #7
  • Quote
  • Jan 7, 2008 10:25pm Jan 7, 2008 10:25pm
  •  jacobtrader
  • | Joined Dec 2007 | Status: Member | 570 Posts
Getting Long clearance of $95

OIL SPOT
 
 
  • Post #8
  • Quote
  • Jan 8, 2008 2:18am Jan 8, 2008 2:18am
  •  bygolly
  • | Joined Jan 2008 | Status: Member | 3 Posts
Is there a way to trade oil from a forex broker account? or is this traded with another type of broker?
 
 
  • Post #9
  • Quote
  • Jan 8, 2008 2:33am Jan 8, 2008 2:33am
  •  jacobtrader
  • | Joined Dec 2007 | Status: Member | 570 Posts
i am trading with my broker stifxonline.com

trading oil, gold, and other currencies.
 
 
  • Post #10
  • Quote
  • Jan 8, 2008 2:52am Jan 8, 2008 2:52am
  •  bygolly
  • | Joined Jan 2008 | Status: Member | 3 Posts
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.
 
 
  • Post #11
  • Quote
  • Jan 8, 2008 3:14am Jan 8, 2008 3:14am
  •  bygolly
  • | Joined Jan 2008 | Status: Member | 3 Posts
Thank you, sounds good. :-) I'll check out a demo account and see how they are.
 
 
  • Post #12
  • Quote
  • Jan 8, 2008 11:09am Jan 8, 2008 11:09am
  •  Ted1983
  • | Joined Oct 2006 | Status: Britunculus | 940 Posts
Quoting bygolly
Disliked
Is there a way to trade oil from a forex broker account? or is this traded with another type of broker?
Ignored
Hi,

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.
 
 
  • Post #13
  • Quote
  • Jan 10, 2008 8:27am Jan 10, 2008 8:27am
  •  jacobtrader
  • | Joined Dec 2007 | Status: Member | 570 Posts
I see oil to fall back to 91 levels.

Oil traders pass your views.
 
 
  • Post #14
  • Quote
  • May 14, 2011 6:48pm May 14, 2011 6:48pm
  •  Jade Gate
  • Joined Oct 2008 | Status: Member | 810 Posts
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.
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  • Post #15
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  • May 14, 2011 10:45pm May 14, 2011 10:45pm
  •  Jade Gate
  • Joined Oct 2008 | Status: Member | 810 Posts
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.
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  • Post #16
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  • May 14, 2011 11:20pm May 14, 2011 11:20pm
  •  biDc
  • | Joined Apr 2011 | Status: Member | 819 Posts
I don't think the Thursday's candle closed far enough into the red body to consider it a piercing candle IMO.
 
 
  • Post #17
  • Quote
  • May 14, 2011 11:40pm May 14, 2011 11:40pm
  •  fxcommoner
  • | Joined May 2011 | Status: Junior Member | 5 Posts
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.
 
 
  • Post #18
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  • May 15, 2011 3:44am May 15, 2011 3:44am
  •  Jade Gate
  • Joined Oct 2008 | Status: Member | 810 Posts
Quoting biDc
Disliked
I don't think the Thursday's candle closed far enough into the red body to consider it a piercing candle IMO.
Ignored
It's not perfect as piercing line candles go, but it is noteworthy enough. Stockcharts appear to have a different daily close time, this is the daily MT4 chart, and this isn't looking particularly bearish either. Two touches of the 200 ema and oscillator turning up.
Attached Image
 
 
  • Post #19
  • Quote
  • May 15, 2011 8:12am May 15, 2011 8:12am
  •  Jade Gate
  • Joined Oct 2008 | Status: Member | 810 Posts
Quoting fxcommoner
Disliked
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.
Ignored
Inclined to agree. So many key support levels here across all the currencies (EU, GBP, AU) and some clear resistance on UCHF. UCHF also has a small gap around 0.88000, still expecting this to hit .8450 (161.8 fib) and then struggle some to decide if it is going to push further south. I guess this is the key issue - can see a possible scenario where the dollar nose dives and oil goes on a huge romp.

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.

http://finance.yahoo.com/news/With-g...2&asset=&ccode=

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.
 
 
  • Post #20
  • Quote
  • Edited 11:51pm May 15, 2011 8:58am | Edited 11:51pm
  •  kuroro001
  • Joined Jul 2007 | Status: Member | 17,772 Posts
Quoting Jade Gate
Disliked
It's not perfect as piercing line candles go, but it is noteworthy enough. Stockcharts appear to have a different daily close time, this is the daily MT4 chart, and this isn't looking particularly bearish either. Two touches of the 200 ema and oscillator turning up.
Ignored
And based on a purely PA based analysis, the first bounce off the support was strong, then retest of the support thursday and weak bounce because the close is so weak + no follow through of that bounce.

No surprise if we break the support....we have to look for intraday to see that
COT: The precious data ignored
 
 
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