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Oilfutures

cl, oil, day trading for Feb 3rd 2020From last close oil has been balanced long and in a decently tight consolidation looking for it next move. As always watch the red zone for the first directional clue. A move lower could come fast and expect a move higher will be more grindy, but what do I know, this is only my thoughts. The trick is let the market prove me wrong and take advantage of what it is showing you.. I like the idea of a Red zone bottom bounce and then see if we can break out the top of the red zone. If teh bottom lets go will change my long view very fast.
TVC:USOIL
by alleytrader
oil, cl, day trading for Jan 29th 2020The action is balanced long and looks to want to move higher as long as red zone bottom holds. down side has some very close targets so a move down could be just a peak below to see if there is any action so watch for buys around these areas if short. The move above red high has more aggressive targets and looks to me to be where the bigger moves could come. In the event we move down into Mondays range then I say the long side is done for a bit in a bigger picture.
TVC:USOIL
by alleytrader
1
cl, oil, day trading for Jan 28th 2020Today we have a up move inside a balancing range so will be look at 2 things, 1) a move below the top dashed line for a trade back to bottom dashed line and possibly to the Red zone bottom. If Red bottom break then a move through to 52. 2) is a move above the top of Red zone or a bounce of top dashed line for a run to 55. 3) A consolidation day looking for the longs off bottom and shorts off the top. Ask me question if you need more info on how to play the different ideas.
TVC:USOIL
by alleytrader
oil, cl, day trading for Jan 24th 2020Oil is balancing as it gets ready to tell us what it plans next. not only is this info critical for the day trade ( that is fine just staying in the Red Zone for back and forth action) but also critical for the oil big picture trade also. I targeted oil down to 56 area before big decision time and now we went a little lower. On the chart are lower important big picture supports. So all this said will trade the balance unless the oil market picks a side by moving out of the Red zone.
TVC:USOIL
by alleytrader
Oil Prices, Triangle Continuation or Break Below?Oil prices has stalled temporarily as price has bumped into a powerful daily triangle formation. Due to the strength of this triangle in the past, I'm leaning to the short side here for a rebound after a strong bounce. We're currently watching a few levels here As always, even though we may lean one side or another on a trade(Long/Short), its important to come to the charts with a zero bias mindset. This is why I love the concept of trading with market structure. If you're wrong, you can know you're wrong in a very short amount of time and close the trade for a small loss. The structure gives you a higher percentage of success by only taking entries using key turning points in the market from the past. For the time being, market structure is giving a signal that price wants to go down. However, if price were to come back above 60.19, I'd change my bias and say Oil wants to continue moving up.
TVC:USOILShort
by DrCatherineHalsey
Should We Ignore USDCAD Head & Shoulders?Reasons for buying USDCAD: - Disappointing Canadian employment data last Friday - Price bounced off both the demand zone and support trend line - Crude Oil Futures price rejected resistance trend line Last Friday, Canadian employment posted a huge drop and unemployment increased by 0.2% to 5.7%, both missing estimates by a wide margin. Despite this, the CAD still managed to maintain some strength, supported by the rise in oil prices. But at this point of time, the chart is showing that maybe, the market has not fully priced in the weak data yet. In the 4-hour USDCAD chart, we can see that the price plunged but bounced off the demand zone and support trend line after the US announced a delay to impose tariffs. Crude Oil Futures price also approached and rejected resistance trend line. Although the announcement on tariffs is a positive news, tariffs are still set to be imposed and not totally removed. The trade war has been creating a lot of volatility in the market, so we should always keep a lookout for the latest developments and manage risks accordingly. The head and shoulders pattern may form and play out, but I don't trade solely on chart patterns, that is why in this case, I will go long on the USDCAD.
Long
by PipHike
US Oil Retracement (61.01/bbl sept 2019)We should expect to see oil drop. We are approaching almost oversold conditions (RSI), Stochastic is showing the cycle is coming to an end. It's a safe bet we will retrace to the nearest Fib level, which is currently at 61.01/bbl. Time frame: end of September of 2019 into the winter months. This trade is aligning off my prior trade I posted in February for July with 67/bbl price target. Oil companies have to make money this summer, so we should expect to see the price stay relatively the same, and then start cracking to the fib level.
NYMEX:CLM2019Short
by ZakaryP
WTI Oil Long set up, starting bullish trend again.OANDA:WTICOUSD has now approached buying zone. The following trend indicator is based in a combination of two bollinger bands with both one and two deviations. When the price enters the higher-end of the channel, it means the trend has started and its time to buy now. The current political tensions in the middle east should provide some support to the current trend. Its also worth noting that the MACD indicator is indicating bullishness, since its values are above 0.00 and the price just recovered from some significant losses from the past week
OANDA:WTICOUSDLong
by francisc11219
Oil Dead Cat Bounce Looking for Proper RejectionThe recent oil dead cat bounce that started at the $45 support level has been struggling and has shown obvious weakness, but the bullish momentum is still intact. This is known by the sequential green count of TD indicator. We are now on a green 7 candle; two more green counts to complete a TD sell setup. However, there is major resistance ahead in the $60 to $63 zone. I will not discuss why I believe this is a dead cat bounce nor why I believe a bottom hasn't formed. The overhead resistance cluster comprises the following: Two established horizontal levels at $60 and $63. The 0.236 Fibonacci retracement level when drawn from the $148 high of June 2008. The moving averages: 30-week around $60 and 50-week around $63. Price may either get rejected directly by this resistance cluster or get stuck in that zone until it is squeezed between the 30-week and 50-week moving averages into a golden cross, at which point we need to re-evaluate. However, I find it much more probable to be rejected given the weakness of the current dead cat bounce. If it is rejected, then I believe it will re-test the $45 support level. Check my linked idea on Brent oil futures.
NYMEX:CL1!Short
by TechNerdOmar