WTI @ $75.75, headed for $64 - 67

[sirbinington + 3]

trying again I see. Good luck

[ATK + 355]

1 hour ago, Top Oil Trader said:

i Have learnt never to predict the news of fundamentals. I think that is a losing proposition. I think most people who trade do this since they think they mind can grasp it and put 1 and 1 together. What they fail to understand is that the big boys put 1 and 1 toghether weeks ago, and you are trading at their mercy, so the knowledge you understand from the news, is a big waste of time. I simply look at the action and see what it tells me, down, up or sideways. Then i can look for a reason why this price action may happen, and that could be something related to the current news stories, Iran, Trump. Huricane whatever.

Dude will you shut up about fundementals, you have no idea how the oil market works. To everyone following, JJ is constantly wrong, so I'd be cautious about following his advice. He just makes a bunch of guesses until he gets lucky. Go through his post history and look at his other "predictions"

[ATK + 355]

2 minutes ago, sirbinington said:

trying again I see. Good luck

He's so smug about it too, usually people have to be right a bunch to get a big head, but not JJ the bottom oil trader!

[Top Oil Trader + 469]

as long as you dont follow me, youll be just fine. wink

[Dan Warnick + 6,100]

10 minutes ago, ATK said:

Dude will you shut up about fundementals, you have no idea how the oil market works. To everyone following, JJ is constantly wrong, so I'd be cautious about following his advice. He just makes a bunch of guesses until he gets lucky. Go through his post history and look at his other "predictions"

Well Andrew, what is your prediction and why?  

[Top Oil Trader + 469]

Ok i just zipped my mouth, ATK, i am using a double wide extra strength made in the USA zipper.

[Jo Mack + 43]

Anyone trading in oil would do better using a crystal ball and a gypsy.

[ATK + 355]

Why don't I listen to JJ? It's really quite simple you see, his post history speaks for itself.

[Dan Warnick + 6,100]

1 minute ago, Top Oil Trader said:

Ok i just zipped my mouth, ATK, i am using a double wide extra strength made in the USA zipper.

You have every right to comment on this board, JJ.  

And Andrew, you have every right to disagree.  However, you constantly comment with warnings not to follow JJ's route to riches, when you have no idea if anyone is trading his advice or not.  I've been led to believe on this forum that anyone is encouraged to counter anyone else's comments with constructive discussions, as you do most of the time.  I think, on a website with the name OILPRICE.COM, it is appropriate to discuss what members are doing and what their predictions are with regards to the price of oil.

And we all don't need anyone to tell us what to believe and what not to believe.  I believe that I will blindly follow anyone that personally guarantees their trade advice with money in an escrow account to back them up.  Until then, we're all adults.  

[Top Oil Trader + 469]

Zipper just flew open, ATK, man you just gave me A Tough Kick. ATK if you see you acting not nice, i will start charging for me commentary on oil, so be nice. wink!

So just wanted to speak maybe about how the oil prices get manipulated and by whom. And indeed the prices are not based on real demand and supply, if they where, they would be at $50. Here is a recent quote from Trump blaming opec for messing with the prices. Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! But here are ways the us manipulates the prices too. Here is an excerpt, It is no coincidence, therefore, every time the oil price shows signs of rising, the EIA announces a huge addition of a few million barrels to U.S. oil stocks. An addition to stocks could only happen in three ways: one, if the United States is producing far beyond its oil needs. This is not the case otherwise it would not be importing between 7-8 mbd. The other way is that the U.S. is importing a great deal, taking advantage of low oil prices thus increasing its stocks. If this is the case, then the rising demand for imports should push the price up. So indeed you can fit in the fundamentals after the prices go up or down. 

[Top Oil Trader + 469]

Jo mack please lets put the past behind us, and start over.

I am now using very sophisticated trading i have developed in other markets. Please judge on the new way of looking at WTI. Remember i was not here for 1 month, so that i could figure out what exactly went wrong last time. I did realize my charting needed updating, and it is. Although i still see WTI as a lot more volatile than forex, but will try my best, to analyze it, based on the same parameters i use with currencies. The range so far is just 75 cents, but indeed oil can move $3 in just one day. All the best.

Edited October 2, 2018 by Top Oil Trader

[Dan Warnick + 6,100]

12 minutes ago, Jo Mack said:

Anyone trading in oil would do better using a crystal ball and a gypsy.

Hey Jo, where is this gypsy?  Does she (presumptuous?) charge by the trade or by the day?  I would make an appointment, but she'll probably see me coming.

Edited October 2, 2018 by Dan Warnick

[Top Oil Trader + 469]

As can see  us is open and WTI stalled just as predicted, and as you well know, what goes up must come down, especially if its not going up anymore.

[Dan Warnick + 6,100]

China Boosts Oil Import Quota For Independent Refiners By 42%

The two new refineries are expected to buy crude oil from Saudi Arabia and Oman in the Middle East, as well as from Brazil, instead of from nearby sources of oil in the Far East and Southeast Asia, market sources told Platts.

So, what do you guys think this will do to current pricing?  Anything?

[Top Oil Trader + 469]

Well if the news like this doesnt make oil jump, then that tells you something, were now in a bearish period for prices, and no matter what  news come out, even if the news says that space alien ships form out of space or New Jersey sucked out all the oil out of Texas, and prices still dont go up, then you know were in a bearish time for oil.

[Dan Warnick + 6,100]

4 minutes ago, Top Oil Trader said:

As can see  us is open and WTI stalled just as predicted, and as you well know, what goes up must come down, especially if its not going up anymore.

We'll see.  A stall at this point is not enough for me to take profits and close my long position, but that could change shortly.  We'll see.

[Top Oil Trader + 469]

Dan i put in the new jersey part just for you. I used to live there once, was like living in zombie land, hope it didnt do long term damage to my brain. ATK any comments?

[Dan Warnick + 6,100]

3 minutes ago, Top Oil Trader said:

Dan i put in the new jersey part just for you. I used to live there once, was like living in zombie land, hope it didnt do long term damage to my brain. ATK any comments?

Yah, I had a chuckle at the aliens from outer space or New Jersey.  Good one.

[Dan Warnick + 6,100]

I closed my long at 37.90 and took profits, for once.  Then, after I closed, it dropped to 37.52.  Let's see if we get JJ's $1-$2 drop and then I'll go back in long again.  I believe WTI is going to find its way to 90, but we'll have to wait and see since Jo still hasn't forwarded the gypsy's contact information yet.

[Top Oil Trader + 469]

90? You must be from New Jersey. Wink

[Dan Warnick + 6,100]

Sorry, I was giving the prices of the ETF I was using.  In any case the ETF tracks directly to the price of WTI so it had stalled as well and then started to move down, so the result was the same for me.  $90 WTI is where I think it is going before a downward trend, or dash, comes into play probably after the elections.

[Dan Warnick + 6,100]

Could be that the Saudis want Trump out, like so many others, so prices to the upside would not be beyond their tinkering with the numbers.

[Dan Warnick + 6,100]

So in WTI price, I closed @75.50 and now it's down to @75.20.  Not much, but it's a pullback I didn't have to pay for.  

[Top Oil Trader + 469]

Clap Clap!

[Top Oil Trader + 469]

Dan speaking about Trump/

What happened to that omarossa woman who wanted to destroy trump. That woman looks like such an opportunist, she comes from nothing and is now trying to take down the most powerful person in the world. I think Trump needs to send her for a free paid  vacation to Guantanamo.