WTI now @50.60 headed for $41 - $34

[ATK + 355]

46 minutes ago, A/Plague said:

I think that everything will be much more interesting ...

To each their own 😉

[Top Oil Trader + 469]

looking to add 2 more later, no danger here

[Top Oil Trader + 469]

u see a nice drop, this give us a better entry, not if we can just time it right

[Top Oil Trader + 469]

52.31 my entry, still going down, but at least i got in 40 cents better or actually an 80 cents discount this probably will be the bottom for us

[Top Oil Trader + 469]

trading crude is all about timing, whether short or long. 

[Top Oil Trader + 469]

not random at all as u can see already up 20 cents on each

[Top Oil Trader + 469]

actually up 50 now on the last 2

 

[Top Oil Trader + 469]

they sure dont make it easy, even my perfect entry of 5231 is now in ruins at 5225. But this is what they do, they like playing with your mind, and get you to reverse while they go long. The weak exit while the strong enter.

[Top Oil Trader + 469]

so almost  perfect entry, i need to get a little bit better next time. lol

[Top Oil Trader + 469]

nice loss, thanks.

[Top Oil Trader + 469]

but its still going up, so just a bad entry

[Top Oil Trader + 469]

Its kind of funny how sometime social traders, make you change your mind.

Yesterday i said i could never go long something i didnt believe, after listening to people saying its going up, i kind of forced myself to see it going up, and went long, and then never again looked for short setups, and whack. The moral of the story is, never get swayed by popular opinions. Im back to my old style of trading, went short after learning a lesson, and hope to only look for shorts from this point on.

[Blkfox + 8]

Hey JJ @Top Oil Trader

Did you happen to take any positions today? If so, How did you do? 

I went short of /CL19  @-51.94 at 1106am and close the position @+51.00 for P&L Day $940.00.  Since Im new and doing this for about 4 months and reading a lot of articles and YouTube info...I decided to try futures on simulated account. Let ME TELL YOU...IM HOOKED!!!

Here is my SS (screen shot from my platform)

 

[Top Oil Trader + 469]

lots of money in crude you just need a good system.

i have been now working on some more ways of determining the best entry points long or short, im think im almost there... Worked today.

[Top Oil Trader + 469]

and were headed down.. they make take out the low

[Top Oil Trader + 469]

I just need 1 more pc, so i can get a good handle on this. but technically were are headed down, and we may see 48 today, proving all the people who said the opec production cuts will stem the selloff in crude.

[Top Oil Trader + 469]

I told you last thursday before the opec deal and after the opec deal it would not work, due to russia. when i said that i had complaints as usual, from the usual culprits, who wanted to show they where smarter.

Now 4 days later the MSM is waking up and saying the deal is not good, due to russia, not cutting as much as they said, and saudi also not cutting what they said. 

As reality sets in more and more reporters from the MSM will start waking up.

[catch22 + 244]

remember this little screen shot from the other day? look where it bounced

 

 

It pays to learn to read price action...

Edited December 31, 2018 by catch22

[A/Plague + 50]

10 hours ago, catch22 said:

remember this little screen shot from the other day? look where it bounced 

 

It pays to learn to read price action...

 

 

 

Edited December 14, 2018 by A/Plague

[Top Oil Trader + 469]

now up 500 on last long.. i will say it was difficult. I am beginning to realize how the daytrading setups are working. indeed its very calculated and complex how they do it. it could be the algos, that make it difficult, and im am beginning to realize what the big traders are complaining about. And why they are never able to scale into big positions after all not sure how large, but a big chunk of the market that moves, are not done by fundamentalists or long term investors but quick algo programs, who couldnt care less about the fundamentals, or what opec just did. So for example prices are now 51.8 the next stop will be above 52, for now, until the algos change it.

Edited December 13, 2018 by Top Oil Trader

[Top Oil Trader + 469]

and it loos like the algos will dump at exactly 52.5. The algos basically know everyday what the smart traders are doing, the smart trader or 95% is their bread and butter. So when traders see prices oversold say with some tool, price action or whatever, the traders enter massive stops at those levels, somehow the algos know that and go for as many stops as they can, once there are no more stops to be taken out, they need to now cover massive shorts, which eventually bring up the prices. and then they repeat the process. so if you are not with them, thats the 1%, you will always get hit.

Edited December 13, 2018 by Top Oil Trader

[Top Oil Trader + 469]

Now these algos co. have offices all over the world, so they can trade during the Chinese markets, UK markets and US markets, different teams going after different session stops. And as a group its all coordinated. Now the way they win all the time, is by paying big fees to the exchanges, and staying ahead of the average trader, so they always know where the 95% is holding positions. Back in the 70s this wasnt possible, which is why the oldtimer hedgefunds, are saying it was easier then, whereas today its impossible. And in a way they are right, if you are playing poker, and your oponent has a secret camera under the table that is connected to his glasses so he always knows ur hand, you have no chance, same thing here.

So your only chance is to have access to their cameras, or know how they think, and not beat them, but join them.

this is easier said than done, but this is the way to go.

[A/Plague + 50]

7 hours ago, Top Oil Trader said:

and it loos like the algos will dump at exactly 52.5. The algos basically know everyday what the smart traders are doing, the smart trader or 95% is their bread and butter. So when traders see prices oversold say with some tool, price action or whatever, the traders enter massive stops at those levels, somehow the algos know that and go for as many stops as they can, once there are no more stops to be taken out, they need to now cover massive shorts, which eventually bring up the prices. and then they repeat the process. so if you are not with them, thats the 1%, you will always get hit.

z

Edited December 14, 2018 by A/Plague

[A/Plague + 50]

7 hours ago, Top Oil Trader said:

Now these algos co. have offices all over the world, so they can trade during the Chinese markets, UK markets and US markets, different teams going after different session stops. And as a group its all coordinated. Now the way they win all the time, is by paying big fees to the exchanges, and staying ahead of the average trader, so they always know where the 95% is holding positions. Back in the 70s this wasnt possible, which is why the oldtimer hedgefunds, are saying it was easier then, whereas today its impossible. And in a way they are right, if you are playing poker, and your oponent has a secret camera under the table that is connected to his glasses so he always knows ur hand, you have no chance, same thing here.

So your only chance is to have access to their cameras, or know how they think, and not beat them, but join them.

this is easier said than done, but this is the way to go. 

.

Edited December 14, 2018 by A/Plague

[Top Oil Trader + 469]

i guess u completely missed the point. By joining them i mean trade in their direction. Of course they dont want you to do that, since they would rather go for your stop and take you out. I was looking at one of these big algo co, the ones that are notorious for hunting stops, and a very famous former fed guy is now part of their group.

Edited December 13, 2018 by Top Oil Trader