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CL

Exctrene bullish on oil. Trading USOIL to 100 usd!Good day everyone, I'm very bullish on oil. I'm day-trading oil futures contracts upcoming months till it reached around 100 usd. - The reason why I'm so bullish on it: From TA perspective: We did break and hold above a huge wedge. And we're looking for new highs now. From fundamental perspective: - OPEC agreed to not raise oil production upcoming months; - Saudi Arabic is not increasing their oil production as they did in the past against OPEC agreements; - Current oil production is far lower than oil production before the corona crisis; - Oil demand in China, US and especially India is rising quickly; - Corona vaccins starting to pay-off with boosts traveling, economics and production. Conclusion: My expectation is that the oil demand will be way higher than the oil production. The agreement of the OPEC for not increasing oil production will create a shortage in oil. This with will push the OIL price to new highs.
TVC:USOILLong
by TheChallange
1
Crude Oil Spreads: A Quick Intro.Spreads are complex instruments. This is just an introduction and some ideas to get our brains ticking over. I had started writing a guide to understanding these three types of spreads, but it just got a little long. It might be easier to do it this way: What do you see above? Here are some observations to get started: 1 All spreads topped out well before June Crude Oil topped out. From about 17th Feb, those spreads stopped gaining. Could spreads be a way to take a contrary position as a trend exhausts itself, and have a little room for error? It certainly is here (although not always the case). 2 Look at the ATR for each. Spreads show lower volatility. 3 Correlations (the CC shows the spread correlation to the underlying June contract). Correlations seem strong during a trend then do their own thing at other times. Change creates opportunity. Constant correlations are not as fun. 4 Basic spreads: bull and bears – are directional. That is, they move closely with the underlying. More complex spreads, like the fly and condor seem to be suited to shifting sentiment along the forward curve. 5 Flies and condors are very similar. The condor tends to have a little more volatility than the fly. In this case, it’s not much. - It can be a complex subject, worthy of something closer to a book, than a comment here, but it’s a start. Just a warning – going down the spread trading path might change everything. - A couple of futures markets where flies and condors are often traded: Crude, Natural Gas, Grains, Eurodollars (and most other STIRs). Options - that's a totally different chat....
NYMEX:CLU2021Education
by TheTradarien
A very simple idea for our next setup on Crude OilToday we will show you the setup we are waiting for on Crude Oil. Our trading philosophy is about defining things we want to see on the chart and only trade if those scenarios happened. By doing that, we know that every time we are executing a setup is a high-quality scenario worth exposing our money to. Let's go to the conclusions: a) Currently, the price is on a clear bullish trend (the same scenario that before). b) After reaching a major resistance zone, we can observe a corrective situation going on (same proportions that the previous one). c) The resolution of the previous corrective pattern was: 1- Wait for the corrective pattern to be finished (around 47 days) 2- Wait for the breakout and a subsequent smaller corrective pattern (around 7 days) 3- trade the breakout towards the next resistance zone. d) What we are observing right now is the same sequence that we saw on the previous trend. That's the reason we are waiting exactly for that. The corrective pattern is finished. Now we want to see the breakout and a subsequent corrective pattern (around 7 days). If that happens, we will trade towards the next resistance zone. e) On the chart, you can see a setup plotted on the chart. That's the ideal scenario we will be aiming for. Entry on the Breakout of the pattern / Stop loss below the pattern / Target on the next resistance zone. Thanks for reading!
TVC:USOILLong
by ThinkingAntsOk
CL > opportunity for large gain over a short time periodOil is showing a classic rectangle bottom. This is a pattern at the end of a down trend. The criteria are. That one of the horizontal lines needs to be touched 3 times and the other 2 times. This fulfills the criteria. Rectangle bottoms can break out in either direction. Be prepared to take a short or long position on candle close (in this case a 4h candle.) Rectangle bottoms do even better when the volume goes down as the rectangle moves to the right. This seems to be the case here. You can also trade this by going short when price touches the upper line and buy when it touches the lower line. You can see the potential targets and they are substantial. Though I would decrease my position as it approaches the target and pocket some profits along the way. Please like and follow if this has been helpful. Ms Bunny
NYMEX:CL1!
by UnknownUnicorn11430563
17
CL > broadening wedge patternThis is a bottom broadening wedge where price enters from above and touch the lower line first. This is usually a reversal pattern but really it can break out either way. Usually after wedge is validated-( 2 touches of both lines but ideally at least 3 touches on one of the lines)- you will see a partial rise (or fall) before reversing again. I believe we are in the partial rise stage and price will reverse down. However, confirmation of short or long would be breaking an imaginary horizontal line from the rightward most side of either line. Just wait for the trigger.
NYMEX:CL1!Short
by UnknownUnicorn11430563
11
CL> I’m at bear until oil shows me otherwiseThese are three possible entry positions for a short. 1. Enter at top of down wedge. Pretty safe, and having a nice supply zone just above gives you an opportunity to increase position size if it pulls back to here. 2. Enter on retest of down wedge after it breaks through. This is safe but we are limiting our risk reward, but still very profitable. I would put stop at the top of this down wedge. 3. Enter at supply zone. This is safest entry of all. But also risk missing a down move altogether. As you can see there is always a trade off (pun intended) by taking different entry positions. A thumbs up and a follow is always appreciated Ms. Bunny
NYMEX:CL1!Short
by UnknownUnicorn11430563
4
CL> example of head and shoulders pattern with neckline triggerHere is a head and shoulders pattern and how the neckline can be used as a trigger for either a short or long position. Wait for neckline to declare itself as support or resistance. 2 possible scenarios: 1. Price breaks neckline (resistance currently) wait for retest of what would then be support to enter long position. 2. If price bounces down off neckline then enter a short position on candle close. No need to wait for confirmation because it has already been confirmed as resistance Down wedge tells me we have more room to go up. But what happens at neckline is unknown. Follow the rules above, use proper risk management and you will be okay. Please like and follow me to stay up to date on my trade setups. Ms. Bunny
NYMEX:CL1!
by UnknownUnicorn11430563
2