Crude Oil

[GqOrlando]

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.

 

[GqOrlando]

Crude stopped me out for a 1% loss but right now crude has hit some very specific levels

 

[TexasRangersFan]

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?

 

[fxstrategist]

Oil

Oil may go into a consolidation on the daily chart, but the bullish trend is still in place.

 

[GqOrlando]

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?

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]

Oil may go into a consolidation on the daily chart, but the bullish trend is still in place.

I agree pretty bullish still. the 46.50 level is the immediate bull/bear zone

 

[GqOrlando]

I agree pretty bullish still. the 46.50 level is the immediate bull/bear zone

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

 

[volfixtrader]

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

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.

 

[GqOrlando]

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

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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

 

[volfixtrader]

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

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.

 

[Lee23buck]

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?

 

[BlueRoo]

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?

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.

 

[fxstrategist]

Oil WTI

The consolidation on oil is getting tighter, the 50 level may continue acting as resistance. The 46.00 may still be support.

 

[GqOrlando]

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?

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.

 

[GqOrlando]

strong move in crude after US crude oil inventories

 

[buffet76]

Interesting article...

www.forexinfor.com/index.php/techni...-analysis/item/481-technical-analysis-wti-oil

 

[buffet76]

new technical analysis:

http://www.forexinfor.com/index.php...-analysis/item/704-technical-analysis-wti-oil

 

[Needless Promo]

I was bearish oil until today. I've gone neutral courtesy of the gains.