WTI now at $70+ headed for $50s

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Hey TOT,

I am not to worried about the range mainly what oil might do in the next few days.

Since the cyclone heading to phil and china is so big...wondering if it will slow oil demand for the next few days. Similar since Hur florence did not hit oil sites the spike should also drop back down right?

While iran and vanz are in trouble and Iraq and libya are seeing unrest isnt oil supply still higher than demand? Also will OPEC re inforce 1mbpd on the 17th i wonder... Just some interesting times for high oil prices.

And ofcourse China US news no idea where that is going...

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Dan you hit the nail right on the head.  I like your analysis.

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now up 220. I just want to say, this Crude thing, is one very volatile sob. If you dont like pain, stay as far away from crude as you can. This is not a game, that most want to play, or can learn how to play. I would  say forex and stock trading is like playing soccer running on your feet, and trading rude is playing soccer, running on your hands. I may trade it a while but decide eventually to stick with forex, also this way I dont need to focus too much on oil news. Right now i need to split my analysis between the pairs, the $ and oil. No wonder I end the day with nasty splitting headaches. I guess too many split screens can cause that.

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well the Florence Hurricane which orig was a Cat 5, which spiked the oil prices now a Cat 1, probably eventually will end up a strong rain storm. Pretty sure once they see the damage the prices of oil should drop to bout 65.

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JJ - You're on the FA train as well now? 🙂

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Just checked up 1,040 right now.

The truth is I only opened an account since i got lots of slack from people, the only way I could be exact in my predictions was to open an account. I expect to close with about 4k profit.

 

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this is really hard for me to concentrate on 2 instruments at the same time. Though i can do it, it is not too much fun.

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So please understand  i just needed to prove i can do it, to myself. Right now im short 3 lots and 1 mini my net price is 68.53 on the lots and 68.07 on the mini. Will let u know before i exit probably in a couple of hours what my result was loss or gain

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So i am now hold 4 lots @ 68.45 and 1 mini at 1.16807

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was up 1,400 at one point, took a loss of 500. Ok so trading oil is like trading hot potatoes. For me i think im sticking to forex. 

End of story. I notice i need to trade and take profits as soon as im up, since it reverses very quick. So trading oil not worth my time, since i try to go for trends, not in and out, that is scalping and requires for me diff trade setups.

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2 hours ago, Top Oil Trader said:

So please understand  i just needed to prove i can do it, to myself. Right now im short 3 lots and 1 mini my net price is 68.53 on the lots and 68.07 on the mini. Will let u know before i exit probably in a couple of hours what my result was loss or gain

I hope you got out before that last run up, yikes. 

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As I have argued elsewhere, nowadays we can think of three main determinants of the price of oil, namely: 1) the level and prospects of oil supply in the US; 2) the extent and forecasts of the deceleration in China; and 3) EV sales and prospects of sales. It all indicates that 1) is right now going up, 2) is going up, and 3) is also going up, which implies that prices are likely to either stabilize or go down in the near future.    

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If you wanna trade oil in these volatile times- you gotta do it with smaller lots and go for smaller profits over longer time frames or the voltility gets ya! Mine stopped out also for a loss :) easy come easy go :)

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On 9/13/2018 at 2:26 PM, ATK said:

The time to sell was yesterday when oil was at 71.23, IEA report came out this week saying opec upted it's production in august. I'll be buying calls for next week.

How about you guys post your trades and then we'll see how much you guys actually understand the oil market. I've been right each week for the past month and a half, oilfutures can back me up

 

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wasup

well been busy with fx, setting up  for a co. 

But i came to realization that to trade crude its in and out, u cant just go with the trend.

So its no use predicting the future for crude, u just play it in and out for 50 cents daily.

At the moment i cant do that since im working on trading for 2 firms, one starting next week. So well see how that goes.

But they are starting me with a small acct so i expect to just clear 2k weekly, and then one day if we move up the acct,  i can take bigger risk. But eventually illl try and trade larger positions. 

 

 

 

 

 

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(edited)

so yes been away for a while jus trading forex and getting ready to trade for 2 diff cos. One i will start with today slitt 5050, the other splt is 80/20 starting monday.

So had to make sure my system works, probably used up 3 notebooks rewritnig the system better and better each time.

I now will trade 2 related systems that will work in forex and i think also crude, we will see in the future, when i have time.

 

So for now   on euro is at 1.1778, my setup gave a short in system 2. System 2 is a countertrend trade, so the trade will only last until next exit signal which could be 20 - 80 pips from here. Will update if in fact how it worked out.

 

Basically i have created the systems so nothing is subjective, it is clear what has to happen, and if everything happents its a go, until the reversal signal also not subjective.

This was my goal so i never ever have to think about what to do, and if i will be right or wrong in the trade. So far the eur is down 3 pips.

 

 

 

Edited by Top Oil Trader

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and as i can see setup 2 is now down 12p, so it works, though one test is not enough, but one down, 10,000 to go.

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