WTI @ $75.75, headed for $64 - 67

[catch22 + 244]

very significant downward move on oil right now... getting into over sold territory - get ready for the bounce - my best estimate will be the 78% retracement of previous bull run from bottom of last swing upward = $67.68 it could bounce from around that level.

Of course - it may keep going from there - at the very least it should make a pause for while to allow oversold RSI to subside...

Edited October 18, 2018 by catch22

[Dan Warnick + 6,100]

13 minutes ago, catch22 said:

very significant downward move on oil right now... getting into over sold territory - get ready for the bounce

Do you have a reading for how high of a bounce might come, where the bounce might peak at?

[ATK + 355]

15 hours ago, Top Oil Trader said:

ATK the learning experience should be, not to get manipulated by the media, or other big time analysts. As i have shown you many times, you get it wrong at the top, and wrong at the bottom. But these guys will be coming back every week, because they can always pull out a reason for a move out of a hat at a moments notice.

I'm not sure if you are talking about me specifically lol, I trade intraday swings where I feel like you trade longer term, but with that being said good job on the call. 

I honestly just want to hear your thought process with your trades instead of just you saying a price and we take your word for it. The way you talked out your trades the other day was perfect ( I even said so the other say), regardless if they are right or wrong, the very least you are presenting an argument and we can weigh the reasoning behind it. I personally just don't like people telling me things without some kind of reasoning to back it up really.

[Top Oil Trader + 469]

Wow this looks like the end of the world. Maybe i should have not have said oil price could reach $67, but $6.7 That day may yet come, but not this time around. You are laughing but in 1974 prices of oil rose to $7.09 per barrel and they where still making money. I think it cost them $3 a barrel. And you guys want it to go to $80. Does anyone know what a tulip lookis like? Rings a bell? You guys are trading a commodity that is so overflated, its scary. Its like paying $200 to see justin Bieber, where most would even pay .25 cents to see him. But the crazed hyped up fans, to him, hes is the horned beast. Another thing this reminds me of, is going to a strip bar in vegas. And literally spending 8k per person. Unreal. I have met these women after work, many of them. All i can say is 1 word. You may have recently heard it in the news. Horseface!

Edited October 18, 2018 by Top Oil Trader

[Dan Warnick + 6,100]

6 minutes ago, Top Oil Trader said:

Wow this looks like the end of the world. Maybe i should have not have said oil price could reach $67, but $6.7 That day may yet come, but not this time around. You are laughing but in 1974 prices of oil rose to $7.09 per barrel and they where still making money. I think it cost them $3 a barrel. And you guys want it to go to $80. Does anyone know what a tulip lookis like? Rings a bell? You guys are trading a commodity that is so overflated, its scary. Its like paying $200 to see justin Bieber, where most would even pay .25 cents to see him. But the crazed hyped up fans, to him, hes is the horned beast.

I'll go on record:  I think we'll see $30-$40 WTI within a year's time.  What happened to make you say single digits?

[Top Oil Trader + 469]

Traders please dont look for me, when to go long on crude. For that you need to ask the real traders here, like atk, catch22 and others. its not that i dont want to, but if i continue to do this, i think some evangelist will call upon me, to give them future prophesies. So i need to really keep a low low profile.

[Top Oil Trader + 469]

Dan you are such a pessimist. You sound like the people who say living in new jersey is worse than living in the bronx. Not only was NJ a bad place to live, still is, but then when they had that big governor christy, wow, i think that guy ate half of NJ Jersey.

Edited October 18, 2018 by Top Oil Trader

[Dan Warnick + 6,100]

Just now, Top Oil Trader said:

Dan you are such a pessimist. 

Not at all.  I want to trade it all the way down!  😎

[Dan Warnick + 6,100]

At 3x inverse, I'll make a killing!

[Dan Warnick + 6,100]

And besides, $35 oil will save the world, right?

[Dan Warnick + 6,100]

The Saudis might have to cut back to a couple of Mercedes per family though.  I feel for them.

[Top Oil Trader + 469]

One day oil price will be a big joke and you will tell your grandchildren how you used to trade oil when it was 70 bucks, and they will look at you, as a big opportunist and be a shamed of themselves that you are their grandfather, when during their time oil will be almost free, as noone will be using it.

[ATK + 355]

Burn it to the ground! Burn it alllllll to the ground!!!!!! 

Hedge funds getting ass rammed by SUPPLY AND DEMAND! No more screaming Iranian sanctions

[Dan Warnick + 6,100]

4 minutes ago, ATK said:

Burn it to the ground! Burn it alllllll to the ground!!!!!! 

Hedge funds getting ass rammed by SUPPLY AND DEMAND! No more screaming Iranian sanctions

What are you looking at?  Oil Price shows WTI/Brent down 

[ATK + 355]

3 minutes ago, Dan Warnick said:

What are you looking at?  Oil Price shows WTI/Brent down 

Lol yeah that's what I'm referring too, we were at $77 a barrel 2-3 weeks now we are back to 68-69.

The fact that longs jumped by 50% in the second week of October just showed how greedy the market was getting on pure speculation 

You already know how crazy I went when we jumped to $77 after that 8 million crude build lol

[Dan Warnick + 6,100]

2 minutes ago, ATK said:

Lol yeah that's what I'm referring too, we were at $77 a barrel 2-3 weeks now we are back to 68-69.

The fact that longs jumped by 50% in the second week of October just showed how greedy the market was getting on pure speculation 

You already know how crazy I went when we jumped to $77 after that 8 million crude build lol

Ok, cool.  Do you have a trade?  Are you short?

[ATK + 355]

2 minutes ago, Dan Warnick said:

Ok, cool.  Do you have a trade?  Are you short?

I had a few calls because I was expecting a slight draw this week (clearly didn't happen) but I always by puts as a hedge and managed to make back the money I lost and then some. So pretty good day, waiting to see how the weekly candle closes before making my next play though.

I'll post that info I have with the ship tracking service I'm part of for you guys either this weekend or early next week 

[Top Oil Trader + 469]

i think some of you need to understand the history of oil.

research and you shall find

 

 

 

Edited October 18, 2018 by Top Oil Trader

[Auson + 123]

1 hour ago, Top Oil Trader said:

Wow this looks like the end of the world. Maybe i should have not have said oil price could reach $67, but $6.7 That day may yet come, but not this time around. You are laughing but in 1974 prices of oil rose to $7.09 per barrel and they where still making money. I think it cost them $3 a barrel. And you guys want it to go to $80. Does anyone know what a tulip lookis like? Rings a bell? You guys are trading a commodity that is so overflated, its scary. Its like paying $200 to see justin Bieber, where most would even pay .25 cents to see him. But the crazed hyped up fans, to him, hes is the horned beast. Another thing this reminds me of, is going to a strip bar in vegas. And literally spending 8k per person. Unreal. I have met these women after work, many of them. All i can say is 1 word. You may have recently heard it in the news. Horseface!

Top ( ahem ) Oil Trader,

Any idea what the inflated value of $7.09 in 1974 is today ?

Well on inflation it is $70.23

on Wage growth it is $102.90

and on GDP per capita it is $132.60 

So $80, $90 or even $100+ Brent is more than possible. Could be a bit more of a move down due first on the cards.

[Top Oil Trader + 469]

Very good Auson. I like it. especially top (ahem) oil trader, that is funny

no comment

Edited October 18, 2018 by Top Oil Trader

[Top Oil Trader + 469]

Chart i use sometimes.

[Robert Ziegler + 121]

28 minutes ago, Top Oil Trader said:

Chart i use sometimes.

Looks like this is becoming the mother of all buying opportunities..... Just when.....

On 10/17/2018 at 8:43 AM, Top Oil Trader said:

By the way the democrat ticket will be Hilary/Michelle. 

 

[oiltrader2k18 + 1]

Why is the price going down? Iran sanctions, low inventory, tornados and now Saudi sanctions. Shouldn't this all increase the price? Then why is the price going down?

[Dan Warnick + 6,100]

Hey everybody, I found a picture of ALL OF US!

[Top Oil Trader + 469]

Why its going down, because it has to go down, otherwise countries will go bankrupts buying oil at high prices, with lots of ems almost having no money, they need a break once a while.