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Oil price discussion and analysis

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Re: OIL AGAIN!

My last chart was in accurate please disregard.

Updated trend line to show proper range there is still room to retract or consolidate.

Support found on 38.2% minor resistence at 6604

Still bullish in this time frame looking to renter after resistance broken.
 

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Re: OIL AGAIN!

Hi TI, i'm looking to add to my position. Just waiting for confirmation. I've moved my initial stop to breakeven too.
 

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Re: OIL AGAIN!

Are we seeing a new entry starting to build?

Price is now starting to show strengh. broke the Gann 45 degree down price&time harmony line. support found on the 38% retractment line.

Now building stating to move back up/off the 45 degree trend line once a break of the minor resistance (red dotted line) I see a continuation and a new entry.

See chart.

Its is starting to look good to me. What r your thoughts guys?
 

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Re: OIL AGAIN!

You been watching this at nite TI? Watching it during the day is like waiting for paint to dry. I'm thinking of just keeping my long position and then taking some intraNITE trades. Far more volitile.

Cheers,
 
Re: OIL AGAIN!

CanOz said:
You been watching this at nite TI? Watching it during the day is like waiting for paint to dry. I'm thinking of just keeping my long position and then taking some intraNITE trades. Far more volitile.

Cheers,
Click to expand...

lol I know what u mean!

I am watching till it breaks its trend line or resistance then i am back in. not day trading right now i have another trade on the aussie 200 to monitor as well.

But the OIL set up looks good to me as long as it meets my entry requirement.

But good to see it showing strength at this time of the day.

Lets hope it breaks resistance before my bed time tonight!
 
Re: OIL AGAIN!

Oil has broken its 38% support and broke trend line i have gone short with a tight stop.

Have put in a 45 degree down trend line that is my guide.

But as a 50-60% is still a valid retractment i will be very tight on dropping this trade.

I have marked my entry with a red arrow.

* What r your opinions guys, do I need more confrimation too?*
 

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Re: OIL AGAIN!

I took profits today when it broke down and i was keen to go short, but given the volatile geo-polital issues at the moment I wasn't game. I'm looking for another entry point to go long.

Agree with your analysis though and if it pulls back to the 61.8% fibb, it also coincides with the larger moves 23.6% fibb retracement @ 64.96....confluence? I'm looking for a bounce there. Good luck TI.

Cheers,
 
Re: OIL AGAIN!

Realized that point CanOz and the overall mistake I made (I am as red faced as your Avatar!) I pulled my profits out so all ends well ha ha ha jeez the market must have been looking the other way when I placed that short!
 
Re: OIL AGAIN!

Still looking for some confirmation that this leg down is completed.....there might be a couple scenarios.
 

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Re: OIL AGAIN!

Iran has agreed to release the British sailors, that is stabilzing things so we will now see if that rally was just based on political tensions or in any over demand to supply is there.
 
Re: OIL AGAIN!

Could Oil be close to finishing its leg down and this H&S pattern?
 

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Re: OIL AGAIN!

H&S certainly looks complete now, been long since last nite.
 

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Re: OIL AGAIN!

wayneL said:
Good spot IMO. clk07 popped over 63 now.
Click to expand...

Do those guys on the Nymex take profits after every single session or what? Every morning i wake up to find its spiked and then retraced...all be it to support but still, would make some nice intranight trades Wayne?

Cheers,
 
Re: OIL AGAIN!

CanOz said:
Do those guys on the Nymex take profits after every single session or what? Every morning i wake up to find its spiked and then retraced...all be it to support but still, would make some nice intranight trades Wayne?

Cheers,
Click to expand...
There is a lot of daytrading in oil now since NYMEX went electronic. (must admit to the odd daytrade in addition to my normal swingers )

I reckon that's why it's like that....just an unsubstantiated opinion though.
 
Re: OIL AGAIN!

Well i'm out for 140 points and off to bed. Hope it retraces tonite and i can find another entry tomorrow...

cheers,
 
Re: OIL AGAIN!

aghhhhh

Man as soon as you don't look for 2 days bang off it goes jeez what a set up.

CanOz
Well done on your entry!

Well I am now waiting for it to pull back a little to Gann line then look to hop in.
 

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Re: OIL AGAIN!

This is what i'm waiting on now, although the strength its showing today makes me wonder if the evenings session will be in decline.....hope so.
 

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Re: OIL AGAIN!

Oil,

Finding buyer support at its 38% retracement point. Looking like a ascending triangle could be forming.

So now looking for confirmation of a bounce off the Gann line.

**Wish IG could supply open interest or volume on their commodities charts.**
 

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Re: OIL AGAIN!


Yes agree TI, volume would certainly be helpful. Did you notice the historical charts have changed? There is now a section for commodities, although nothing in it yet. Hopefully this will provide some better EOD analysis and long term trend. Eventually going to use AmiBroker for this.

Went long again in oil this morning. Have you ever rolled over a contract with IG?

Cheers,
 
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