Crude Oil

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GqOrlando

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I don´t think there is a dedicated thread for crude oil, which is a bummer giving the fact of how a good earner this commodity is.

It really doesn´t matter if you are trading it through futures ($CL_F) or CFD (WTI) what matters is price action

Here´s today´s setup on crude for me

Very bullish market on crude and it was hard to get into the move if you didn´t have a position from around $48/bbl

Right now crude futures are testing the POC and previous supply zone. Excelent levels to for a good RRR on a high probability trade.

attachment.php
 
Crude stopped me out for a 1% loss but right now crude has hit some very specific levels
rCMfHmB.png
 
What is the contract for oil?
How many barrels are you contracting?
Doesn't it cost $10k to open a contract?
Is there any rule that says ..if oil goes up $1 a barrel you can expect to make X dollars?
 
Oil

Oil may go into a consolidation on the daily chart, but the bullish trend is still in place.
 
TexasRangersFan said:
What is the contract for oil?
How many barrels are you contracting?
Doesn't it cost $10k to open a contract?
Is there any rule that says ..if oil goes up $1 a barrel you can expect to make X dollars?
Click to expand...

The futures contract on crude is $CL and with 1 contract you control 1,000 barrels of the commodity.

the minimum price fluctuation (tick) for crude is $0.01 and if you buy or sell 1 contract the tick value is $10

this means that if you buy 1 contract of crude at 49.00 and sell it at 49.50 you made $500.

You can also trade crude using CFDs. These contracts are available with many forex brokers.
 
GqOrlando said:
I agree pretty bullish still. the 46.50 level is the immediate bull/bear zone

UfQEt04.png
Click to expand...

So crude broke with that important level and I got short on the brak of the continuation pattern. Looking for the next level of support around 45.50, looking pretty bearish

Qt6wYZB.png
 
GqOrlando said:
So crude broke with that important level and I got short on the brak of the continuation pattern. Looking for the next level of support around 45.50, looking pretty bearish

Qt6wYZB.png
Click to expand...

I mean crude oil still bullish. we pullback from bottom level of accumulation. When price be below 43 we could say that bullish trend is over.

Cl week.jpg

CL 28.06.jpg
 
volfixtrader said:
I mean crude oil still bullish. we pullback from bottom level of accumulation. When price be below 43 we could say that bullish trend is over.

View attachment 226364

View attachment 226366
Click to expand...

I agree. That short position hit our targets and buyers steped in. Still a nice 100+ tick win on it. I agree we are still pretty bullish mid term on crude.

By the way, what platform is that? that market profile is insane
 
GqOrlando said:
I agree. That short position hit our targets and buyers steped in. Still a nice 100+ tick win on it. I agree we are still pretty bullish mid term on crude.

By the way, what platform is that? that market profile is insane
Click to expand...

It is platform Volfix.net. based on volume accumulation. Not only market profile. But volumes in clasters, delta between bid and ASK and a lot of other stuff. you can read more about it here: volfixtrader.com.
 
Price fall?

I am heavily invested in crude oil platinum natural gas and gold all with a position to sell. I'm in profit on crude at the min but not as much as I'd like and its shrinking. I'm down a lot on the others. Does anyone believe like I do that all these prices should fall soon?
 
Lee23buck said:
I am heavily invested in crude oil platinum natural gas and gold all with a position to sell. I'm in profit on crude at the min but not as much as I'd like and its shrinking. I'm down a lot on the others. Does anyone believe like I do that all these prices should fall soon?
Click to expand...

No. They have all been on a rally and I would expect a stage 3 consolidation at these highs before we get an indication of where they will go next.
 
Oil WTI

The consolidation on oil is getting tighter, the 50 level may continue acting as resistance. The 46.00 may still be support.
 
Lee23buck said:
I am heavily invested in crude oil platinum natural gas and gold all with a position to sell. I'm in profit on crude at the min but not as much as I'd like and its shrinking. I'm down a lot on the others. Does anyone believe like I do that all these prices should fall soon?
Click to expand...

No one really knows where price is going to go next but what I can tell you is that both crude oil and gold chart look extremely bullish right now.

Even though we have had a dip in crude in the last few days I consider this a dip or buying opp. I´m actually looking for a 47$ buy on $CL_F

I really don´t think metals and energy make for a good long term investment, they are a better earner when traded, but that´s just my opinion.
 
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