Spot oil

[Dentalfloss]

Starting this thread.so can daytrade wti effectively
Will post some charts

 

[Dentalfloss]

looking at spot wti October on 15 min line with the dots as the close
shows the trend that started on 21st august/last wednesday

 

[Dentalfloss]

then from that last chart we can enlarge the latest move upwards
still on the 15 min

 

[Dentalfloss]

looking at that line chart in p/f format
box size of 20 cents/1 box reversal
we can see that oil started getting bullish on friday/light purple line,then it broke out today at 12 noon/red line,and now we have a possible new breakout point above 109 area/purple
trend support is green line at 107.50 area.the red breakout point is 107.20 area
so,if there is an upside failure,then the 107.2-107,50 looks interesting
there is al;os horizontal supp above
this break is all news driven...so could turn quickly
with this in mind,we have a roadmap for price action

 

[Dentalfloss]

and we got the break of 109.00 overnight to 112.15 area
now retracing to trend support at 110.90 area
lets see if it holds

 

[Dentalfloss]

update on our oil trade
lilac line is the signal to go long last night.profits booked at the break of that minor trendline at the top
then a new signal to go short this morning at the break of the redline
price went into a consolidation with the 110.90 area we pointed out last night as res and 109.20 area being support
no clues as yet for the new direction

 

[Dentalfloss]

trade plans for the next moves
uptrend support/green at 108.50 area
support/aqua at 109.20 area
followed by a couple of breakout points on previous uptrend at 109.20 and 108.60
then there is trend res and horizontal res at at 110.40
so,uneless we get an adrenaline rush,then these areas to watch for bullish and bearishness
no real clues as to the direction

 

[timsk]

Hiya d007,
Good move starting a thread on oil!

I've noticed you posting dot charts both here and on other threads you subscribe to. Although I've been aware of them for yonks, in all my years on T2W, I don't recall every seeing them posted before. So, just wondering if there's any specific reason for using them in preference to a simple line, bar or candlestick chart?

Looking at the chart below, the 108 area looks very significant. However, I don't trade commodities and I'm not sure how significant it is in light of what's going on in Syria? I imagine that an announcement by the U.S. administration that they are going ahead with military action may be significant. Then again, from the little understanding I have about oil, Syria isn't a major player and, therefore, anything that happens there isn't likely to impact price very much.



Cheers,
Tim.

 

[Dentalfloss]

Hi Tim
to all other members
line chart connects the closes to the next close....but...you dont what the close price is for that chart timeframe.the dots are the close price
that explains that
why do i post them ???
cos it is better to track the price by using the close and trends can be seen easier....PLUS
HERE IS THE GOOD BIT.....
it relates to a pf /close chart...
meaning you can see breakout points,trends and possibly even vertical and horizontal counts without really having to resort to p/f software...then if the chart looks interesting you can load up the data into a p/f charting package.
so from metatrader4.You can download the closedots indecator and the period converter indecator and really get a good feel before you think of going tp p/f
Also....some more good bits
by moving around timeframes with period converter with closedots loaded aswell,you can visually optimise the chart..before rea;;y looking at p/f
for my own trading..i just pick off the trends...no more
i just want to know when they started and what t/f..then i can move around
so ..longer term trends
then intermed and then short term
here is another good bit...it is essential Not too include consolidations..treat each new trend separately
hope this explains

 

[Dentalfloss]

btw..it takes a little bit of practice..about 15 minutes and you have to think in p/f

 

[Dentalfloss]

a look into next week
spot oil
5 min data
shows the trend/up that started on sept2
2 phases
1.green supp line
2.a new trend that started on sept 5th
so..either we break res/red
or we test support
1.horizontal supports.you can pick these up from a candle chart
2.trend supp aqua/purple area $109 area
there is a previous breakout point at 108.50 area/orange
or..back into the main supp area at 108

lets see what happens

 

[mac83]

Hi guys, new to the forum, I have been trading for about 6 months now, and I have a question about crude oil. Is the trend currently bullish or bearish, thank you.

 

[Dentalfloss]

Hi guys, new to the forum, I have been trading for about 6 months now, and I have a question about crude oil. Is the trend currently bullish or bearish, thank you.

its rangebound
4 hour data
some minor trends there...but no more than that

 

[dcarrigan]

nice to see a oil thread. keep up good work. may visit more often.

 

[Dentalfloss]

by popular demand...lol
spot oil
5 min
still goin nowhere

 

[Florea]

Gold ground higher last week in what appears to be a bearish rising wedge pattern. We look for selling interest to continue to show at the top of end of the pattern at 1344/46 and for the falling trendline and 61.8% retracement hurdle at 1348/50 to ideally cap for a turn lower. Removal of 1321/17 would trigger a test of 1291/88 and beneath here needed for a test of key support at 1277/70. A break here remains key to open up a test of the year’s low at 1180 low. Above 1348/50 aims at 1358/60 and though here required to aim at the neckline again at 1375/79. Above here and through 1388/95 is needed for a better recovery to 1417.

Strategy: Short, stop moved down above 1377, add at 1345. Take profit at 1280.

 

[malaguti]

Gold

in an oil thread?

 

[wackypete2]

in an oil thread?

He meant to say "black gold"

Peter

 

[Dentalfloss]

black gold 6 hour
need to break that trend before any upside

 

[Mrs M]

Really pleased to see an oil thread - are more people waking up to this market? I've just started following a WTI/Brent correlation system. Had a bit of a bumpy start, but sticking with it.