How I trade crude oil

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Old May 11, 2017, 9:02am   #33
Joined Sep 2013
I suppose WTI will meet the OPEC meeting at $55 per barrel to have a room to fall in case they fail to reach an agreement. yesterday upsurge basically has not hurdles, now the rally continues I guess there is not much resistance above, just a lull typical for May.
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Old May 11, 2017, 4:19pm   #34
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I was long at 45 a couple of day ago, I was looking for a target of 53, but I exited at 46.70, thinking it looked a bit choppy. I meant to get back in at 47.12. But never did.
Table m, I got back in this morning, hope you did.(hopefully I will hold it this time!)
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Old May 11, 2017, 7:55pm   #35
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Table m, I got back in this morning, hope you did.(hopefully I will hold it this time!)
well done! daily to me looks defo still bullish

I didnt get in, because I had my level too low, from yesterday, see the chart where the arrow is.

There was an opportunity to go long on the 5 min chart at 3pm , see the chart. 47.19 would have got me in, go onside, stop to lock in small profit, and so far its still on upside.

however, because this didnt follow my strategy of going in at levels of sup/res on daily or 1hr.

I've always been tempted to go in on 5 min charts alone, and just go with trend, but i've never brought myself to do it.

I'll try again tomorrow....
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Old May 12, 2017, 4:32pm   #36
 
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oil need mooooor to confirm Steadily uptrend

oil need mooooor to confirm Steadily uptrend
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Old May 14, 2017, 9:07pm   #37
Joined Apr 2017
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oil need mooooor to confirm Steadily uptrend
interesting, so you are saying that the trend line which has been broken is evidence of price action going short??

short at 47.83?
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Old May 14, 2017, 9:22pm   #38
Joined Apr 2017
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Table m, I got back in this morning, hope you did.(hopefully I will hold it this time!)
I did a long trade late on friday evening.

See daily chart: for me, price action was bullish, price closing higher, long thick green candle bars (couple of red candles but overall green, higher positive closes showed me bullish).

1 chart: I had an 'intraday' support line lets say, of 47.91, the previous day this was also an area where the price action had gone up.

When the price dropped below this level I switch to 5 min chart for entry, see chart attached.

I went long at 47.87 at 15.25

I looked for candle bars outside bollinger, sotch and rsi to be on their extremes. Ideally would have got in lower.

It went offside a bit , but then came back in the money.

I came out at 47.95, not huge profit but it was late on friday and I don't hold positions over night (or weekend!), but noticed that at 8.30pm price got to as high as 48.20, if holding this could still be in the money now.

This was not the ideal entry, as usually I wait for the 1 hour candle chart to close before entering, so I would have entered after 4pm. And using my 5 min entry strategy, i wouldnt have gone in after 4pm.

Bit of complacency in sticking to my strategy, but I went for it maybe out of boredom trading.

Will try and show a better entry for oil if i get one next week.
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oil-daily.png   oil-1hr.png   oil-5-min-entry.png  

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Old May 15, 2017, 8:37pm   #39
 
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4H chart

oil in play moving in the channel 4H chart
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Old May 17, 2017, 8:58pm   #40
Joined Apr 2017
Daily- looks bullish to me still, wondering if there will be some resistance at 50.28

I used fib levels on the daily to help with my entry of where to go long

I use an out of hours order and the market hit my order and level pretty sweet, see the 5 min chart for entry. Notice candle bar outside of bollinger and RSI and Stoch on extremes.

On the 1 hour chart I had 4875 as a level of support, anything below this was good place to long for me.

The hour chart showed my price level as a good entry, almost like a swing point (I think)

Im still holding this trade, only 1 contract but if it retraces back to $55 or more will be a nice profit for me.

I have a stop in to take small profit , so worst comes to worse at least I dont loose anything.
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oil-1hr-chart.png   oil-5-min-entry.png   oil-daily.png  

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