The oil thread

[LeoE]

Just thought I'd post up a thread in a similar vein to the FTSE or DOW threads. Anyone out there daytrading oil ?

Be good to have a thread where we can share our thoughts and ideas about price movement etc... Anyone interested?

 

[WallStreetHero]

yea i am, had a loss just recently when oil shot from $40 to $50.

 

[LeoE]

I'm currently waiting for a clear signal as to which way oil is headed. It seems steady at the previous resistance level around 5000, just wondering if we'll see that level turn into support.

 

[WallStreetHero]

its probably heading to 51, right now its 52, then will shoot higher.

 

[Stu0898]

I too trade oil and interested in other people's systems. Is anyone out there trading on fundamentals or are you all technical traders?

I trade technically but genarally avoid trading during big news releases and speeches. I got a buy signal today 11am and opened at $50.26, closing 100 pips later.

Sometimes it's really easy!

 

[LeoE]

I'm technical. I take notice of news etc... similar to you. Managed 50 pips today, lost 40 and made back 90.

I think you're right, sometimes it seems really easy, for example when its trending nicely, but last week was a nightmare for my system!

 

[tradinginthepit]

I have been waiting for the breakout above the technical resistance at $50 - now bullish for the short term as price breaks out from the consolidation of the last few months. The COT index here suggests a bullish reversal and this is what I have used for my decision this time, and also the daily oil prices blog here which is excellent for the daily WTI contract news both technical and fundamental - cheers

 

[Stu0898]

I'm technical. I take notice of news etc... similar to you. Managed 50 pips today, lost 40 and made back 90.

I think you're right, sometimes it seems really easy, for example when its trending nicely, but last week was a nightmare for my system!

Is it your own system or something you've bought? How long have you been trading it?

 

[Stu0898]

I have been waiting for the breakout above the technical resistance at $50 - now bullish for the short term as price breaks out from the consolidation of the last few months. The COT index here suggests a bullish reversal and this is what I have used for my decision this time, and also the daily oil prices blog here which is excellent for the daily WTI contract news both technical and fundamental - cheers

Thanks for the links, very interesting and something I'll use from now on.

 

[Papa Lazarou]

Hey. I notice everyone that has commented on this thread so far is based in the UK.

I also trade oil (brent and wti, but mainly Brent). Can you guys please confirm what products you are refering to each time you talk and what month? I am also keen to chat regularly with people in this thread, but if we could clarify month and product that would be helpful to me - May WTI is currently trading at roughly the same levels as June Brent at present!

Volume seems very very light this morning so think I might sit on my hands and wait for things to warm up a bit.

Out of interest what platforms do you use and what exchanges are you trading? I mainly trade off webICE for Brent and WTI, but have access to Globex too.

 

[LeoE]

Is it your own system or something you've bought? How long have you been trading it?

Its a system I got from david robertson that i've adapted slightly (Log in) and ive been using it for a few months. Its a 15min system using RSI and stochastic indicators. Backtesting it has produced some excellent results, and ive had some pretty good results trading live (although they'd be a lot better if I had more self-discipline, but im working on that).

Also, i'm trading the daily us light crude, may contract

 

[Stu0898]

Hey. I notice everyone that has commented on this thread so far is based in the UK.

I'm from the UK but live in Southern France!

I'm trading US Light Crude, currently on CLK9 and move forward on to the next contract every month.

 

[Stu0898]

Its a system I got from david robertson that i've adapted slightly (Log in) and ive been using it for a few months. Its a 15min system using RSI and stochastic indicators. Backtesting it has produced some excellent results, and ive had some pretty good results trading live (although they'd be a lot better if I had more self-discipline, but im working on that).

Also, i'm trading the daily us light crude, may contract

The link was just to a login page at Blue Trend Trading so I couldn't find out anything about your system.

 

[energytrade]

Definately interested in this thread. I trade all US energy futures (Ti, natgas, unl and Ho). Day trade Ti and Natty on basic technicals generally trade the other products as spreads with a more fundemental leaning to the call with a longer term position trade perspective. I've been selling options a lot recently as some of the volatility has been coming out of the markets and there has been no clear trend emerging to cling onto. I am looking at maybe selling May 60 usd calls on Ti if we move close to that level on the flat price and possibly 5 usd May nat gas calls if we get there. I still think we are in range which is driving my thinking right now rather than the start of a bull trend.

 

[tar]

guys for scalping ( in / out 100 times daily ) UScrude oil what is the minimum reasonable stoploss ?

 

[Papa Lazarou]

I don't scalp, nor do i know much about it... but how many points are you looking to take out of the market on each trade?

Even on a 5 min chart the ATR is about 20cents min. I guess for scalping you use tick charts, so I've no clue!

guys for scalping ( in / out 100 times daily ) UScrude oil what is the minimum reasonable stoploss ?

 

[Stu0898]

guys for scalping ( in / out 100 times daily ) UScrude oil what is the minimum reasonable stoploss ?

A trading system I looked at the other day trades of the 1 minute chart using a 10 pip SL and 20 pip limit. On Friday it produced 50 individual buy and sell trades and looked as it would produce a decent profit depending on your broker's spread.

I haven't tried it myself though, at least not yet....

 

[LeoE]

Looks like we've got a new support level at 53.00 I haven't been trading oil too much this week as its been a bit choppy for my liking. I can't quite figure out where its gonna go next so I might leave it until there is a clear direction.

 

[Stu0898]

Looks like we've got a new support level at 53.00 I haven't been trading oil too much this week as its been a bit choppy for my liking. I can't quite figure out where its gonna go next so I might leave it until there is a clear direction.

I agree, the movement is within too tight a range right now to make any money. Anyone out there who has a method to trade in these conditions please advise....

 

[LeoE]

Looks like a head and shoulders pattern on the 15min chart. Also looks like the support level is now around 50.50

I think i'm going to wait and see if its headed in a clear direction before I get in. Probably be looking for a long postion later.