best indicators for daytrading crude?

[GMH]

what setting on the indicators taht you recommend shoul d i use and also if possible any great books on this subject?

 

[yellow4yield]

Here are some...

• changes in global supply and demand for oil;
• the actions of the Organization of Petroleum Exporting Countries;
• the price and quantity of imports of foreign oil;
• political and economic conditions, including embargoes, in oil-producing countries or affecting other oil producing activity;
• the level of global oil exploration and production activity;
• the level of global oil inventories;
• weather conditions;
• technological advances affecting energy consumption;
• domestic and foreign governmental regulations;
• proximity and capacity of oil pipelines and other transportation facilities;
• the price and availability of alternative fuels.

 

[yellow4yield]

Add "Jobs" to the above list!

Oil drops to near US$87 on discouraging American jobs report...
http://www.canadianbusiness.com/art...ouraging-american-jobs-report-stronger-dollar

 

[mrfigure]

GMH - Theres a guy calls himself 'oildaytrader' who posted this on another thread.....

"I make money in the markets due to my knowledge of the markets, instruments and market participants.I have a tested trading plan and tested systems/method that consistently extracts money out of the markets"

He appears to have considerable knowledge, especially on oil. message him !

 

[the hare]

GMH - Theres a guy calls himself 'oildaytrader' .....

He appears to have considerable knowledge, especially on oil. message him !

This has to be the funniest thing that I ever read here. I'm sure the mods will have a few laughs reading any PM's he recieves

To be fair, oily has probably gained a fair amount of experience in mopping up spilled cooking oil off the kitchen floor in burger king.

As I dont trade oil I couldnt really comment if this experience would stand him in good stead, but somehow I doubt it.

 

[wackypete2]

Don't forget about his many ea's that cost him $millions to develop!



What a hoot!

Peter

 

[robster970]

I don't suppose ODT cares as he's probably relaxing on his demo luxury yacht in demo Puerto Banus

 

[mrfigure]

Hare, I take it you could smell the sarcasm in my post and hope you didnt take it as a genuine recommendation !!

I'll have to withdraw my humour from the threads otherwise, which will be painful as its the only thing keeping me sane at the moment !

 

[yellow4yield]

This guy seems to be a "crystal ball" for oil...

"Burkhard, who makes his living predicting short-and long-term energy trends, also predicted stable oil prices through next year. Brent North Sea crude should stay around $100 a barrel and West Texas Intermediate should run in the $80 range to around $90 a barrel."

Full Story...
http://billingsgazette.com/news/local/article_e2534ce1-4f87-52df-bd8b-e6abba9fc0dc.html

 

[flemming]

When trading crude, your indicators are important but knowing the right hours to trade are the most important. I ignore almost all signals during the asian session unless there is high volatility in the asian equity markets. At the london open is a good time for indicators and the first 2-3 hours of the us session. Other than that, there are lots of false signals since the volatility and volume are just not there.

I like parabolic SAR set at a step of .02 along with fibonacci levels and SMA's (20 & 50)

 

[mrfigure]

Flemming i like it, very specific.