Day trading oil

TradeTheEasyWay

TradeTheEasyWay

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USD index is so strong with the etsf struggling to get up and running but oil lows is still where the money is.

I wait for a wave paatern at the lows after the pit session has opned and watch for eur holding; it's too risky to go long oil is eur and dow are falling. So I take my profit at resitance and get put for the day.

How are other oil traders handling this amrket?

Mike Hamilton

:clover:
 
Hi, thankfully it is, I just can't tipe.

Got into oil a little early after the US open and took 35 points of heat before it gave me the 97.50 pivot level exit.

Beans gave me 9c move today also.

Mike
 
TradeTheEasyWay said:
Hi, thankfully it is, I just can't tipe.

Got into oil a little early after the US open and took 35 points of heat before it gave me the 97.50 pivot level exit.

Beans gave me 9c move today also.

Mike
Click to expand...

Hi Mike ,

I see you are based in the UK, is there any particular time zones you prefer to trade with regards to oil and if so which do you prefer Light or Brent?
 
As we came out of the summer whip and we went towards some of the key points in several cycles, the charts became much easier to trade.

GBPUSD / JPY has been moving from and into pivots nicely these last 2 weeks. This euro session was no exception. GBPUSD moved off the daily pivot and hit R1. Oil came off the daily pivot for 50 points also.

Will watch for any reactions to data in US session later.

2012-10-12_0923 - MikeHamilton's library

mike
 
I day trade crude oil listed on indian bourse MCX , Its Morning session starts from 10:00 am - 5:00 pm Indian Standard Time and Evening Session starts from 5:00 pm-11:30 pm [in summers] & 11:55 pm Indian Standard Time [in winters].
I traded on Longs this week in Crude Oil w.r.t Day Trades. I achieved my weekly goals so i stopped trading it yesterday. MCX Crude Oil is "trading" sideways currently and i have no interest in it and volatility is also quite low.
My guess is 15th Oct is a New Moon :devilish: , a new week , a new lunar cycle perhaps a Long Positional might be warranted if market agrees :LOL:
 
Nikhil Dogra said:
I day trade crude oil listed on indian bourse MCX , Its Morning session starts from 10:00 am - 5:00 pm Indian Standard Time and Evening Session starts from 5:00 pm-11:30 pm [in summers] & 11:55 pm Indian Standard Time [in winters].
I traded on Longs this week in Crude Oil w.r.t Day Trades. I achieved my weekly goals so i stopped trading it yesterday. MCX Crude Oil is "trading" sideways currently and i have no interest in it and volatility is also quite low.
My guess is 15th Oct is a New Moon :devilish: , a new week , a new lunar cycle perhaps a Long Positional might be warranted if market agrees :LOL:
Click to expand...

why the Indian exchange, why not Nymmex?

Mike
 
Without general or specific permission of the Reserve Bank of India, FEMA restricts the transactions involving foreign exchange or foreign security and payments from outside the country to India. I can trade via illegal ways but the problem would be getting my money back in India
 
Its tricky to trade one chart based on another correlated product.

Anyway about trading CL, its worth looking at the end of Asian open and look at how it opens into Europe
 
Armory said:
Its tricky to trade one chart based on another correlated product.

Anyway about trading CL, its worth looking at the end of Asian open and look at how it opens into Europe
Click to expand...

Can you show us chart examples of your statement above?
 
Is there a connection between the two markets? A probability of 70% bias would do me fine, but with oil being such a wild kid, I do not see such a correlation.
 
Oil is affected by US$, inventory levels and cycles (annual for day traders).
I don't bother to look for correlations, I focus on these factors and the price points that the market uses as support and resistance.

I like to keep my oil trading very simple.

This is the time of year oil picks up but the fiscal cliff is the biggest influence at this point; take that away and things could get interesting with this high level of QE the fed are doing.

Mike
 
If this good or what..
ACCOUNT STATUS IN US DOLLARS
Opening Cash Balance: -618.40
Total Futures
Gain/Loss: 31700.00 ( 5126.13 % )
Closing Cash Balance: 31081.60

This is including Oil and Cooper

pnlwticrude.png
[/URL][/IMG]
 
I totall agree, just place the two graphs together and you can make your oil prdiction during the delayed affect that the $$ will have on the oils price. Macro Econ :smart:
 
My main strategy is to wait until the Oil and EURUS markets are both open and trade binary options on an hourly basis...and place my prediction based on the delayed response of the Oil the the currency.. I actually also made a video on it..So with whatever platform you use that allows you to place both asset groups together you can apply it. Mike :clap:
 
michaelfreeman said:
My main strategy is to wait until the Oil and EURUS markets are both open and trade binary options on an hourly basis...and place my prediction based on the delayed response of the Oil the the currency.. I actually also made a video on it..So with whatever platform you use that allows you to place both asset groups together you can apply it. Mike :clap:
Click to expand...

Great video, says it all about binary options.
 
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