Crude Oil Trading

[headstrong007]

Previous week swing short still open at 2638. In addition took an opportunistic scalp in the downside BO. Short at 2647, cover at 2634.

This was good orb short trade... However target was 2622...
I missed that trade due to Nifty tension..

 

[arsh22g]

This was good orb short trade... However target was 2622...
I missed that trade due to Nifty tension..

Yes, even I was looking for it to hit that support zone and was actually trailing at 2439, but had to move away from terminal for some work, and crude being so volatile, wanted to book whatever I could.

Still holding swing short at 2638, current loss of 60-70 odd points. Price is still in the reversal range.

 

[headstrong007]

Today there was a meeting with SEBI & MCX..
One of my known old time broker friend said it was about launching new product like..Weather Derivatives. Options in Crude/Gold/Copper..
Don't know about the outcome of that meeting.. During the budget there was a talk about it..

 

[headstrong007]

Yes, even I was looking for it to hit that support zone and was actually trailing at 2439, but had to move away from terminal for some work, and crude being so volatile, wanted to book whatever I could.

Still holding swing short at 2638, current loss of 60-70 odd points. Price is still in the reversal range.

Crude is so much volatile that even you are completely wrong in judgement is gives you chance to escape. For 2639 short.. I think sl for intra was just above days high.. 2660.. Don't know about swing SL. but crude can hit back that area easily.. but can take sup there..imo. exit there..

 

[arsh22g]

Crude is so much volatile that even you are completely wrong in judgement is gives you chance to escape. For 2639 short.. I think sl for intra was just above days high.. 2660.. Don't know about swing SL. but crude can hit back that area easily.. but can take sup there..imo. exit there..

I think there is some confusion. My swing short at 2638 is open since Friday, just now added more at 2690 when price reversed from 2705. SL is above 2750 area. I see a potential reversal zone till 2730-35, having 30 odd points for margin of safety above it.

In intra, I had put SLM order to short below the neckline (as seen in chart), and got a fill at 2647, with a target of 2620 odd level, which is a shorter TF support. I was trailing it based on standard pivot method, and latest TSL was at 2639, price was at 2635 then. I decided to exit this intra trade (due to some work) at that level and managed a fill at 2634.

 

[arsh22g]

A co-incidental structure in MCX Crude, price broke out of the rectangle and moved back to touch the upper line. I say co-incidental because it's not visible in NYMEX Crude as there is more data between 8th closing and today opening.

 

[headstrong007]

I think there is some confusion. My swing short at 2638 is open since Friday, just now added more at 2690 when price reversed from 2705. SL is above 2750 area. I see a potential reversal zone till 2730-35, having 30 odd points for margin of safety above it.

In intra, I had put SLM order to short below the neckline (as seen in chart), and got a fill at 2647, with a target of 2620 odd level, which is a shorter TF support. I was trailing it based on standard pivot method, and latest TSL was at 2639, price was at 2635 then. I decided to exit this intra trade (due to some work) at that level and managed a fill at 2634.

ok.. no problem.. with positional swing.. u have more flexibility to do averaging a loosing trade then escape with small profit..
but crude was taken support exactly what thought 2660.. mcx sup res also works very good.. even the original is WTI Crude..

 

[arsh22g]

Russia and Saudi Arabia have reached an output freeze deal.

Crude moving in an upwards channel, SL for the swing short will highly likely hit today

It showed it's intent to reverse many times, but every fall was getting bought into.

 

[headstrong007]

This time..Crude just did fresh breakout.. successfully.. can go another 1 USD UP..2.5% easily from current level.. then it would face good resistance..not now..only small res..IMO..

 

[arsh22g]

This time..Crude just did fresh breakout.. successfully.. can go another 1 USD UP..2.5% easily from current level.. then it would face good resistance..not now..only small res..IMO..

Yes, but this buying is mostly in anticipation of Doha meet. I wonder if institutional longs are getting built or not.

Meanwhile, the channel holding well, after bouncing from the bottom around 2695-2700, got rejected at the top around 2780-2785. Furious upmove due to the Russia-Saudi Arabia deal.