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CL1! Crude Oil Day Trade 6-Nov-2023The price seems not able to close below the 81.00 level. The 5 green arrows showed that buyers keep on pushing the price upward. As a Day Trader, this is an opportunity for a counter-trend trade, because it is obvious that we are in a downtrend at the 4-hour chart. TRADE DIRECTION: Long KEY LEVEL: 81.00 TRIGGER SIGNAL: Bullish pin bar (yellow arrow), supported by other bullish reversal candles (green arrows). Entry: 81.00 Stop Loss: 80.00 Profit Target: 82.00 (100 ticks of profit achieved) Risk to Reward Ratio - 1:1
NYMEX:CL1!Long
by TheDemonTrader
WTI CRUDE OIL Expecting a rebound on the MA200 (1d).WTI Crude Oil has been declining rather sharply since September 28th and today's green (1d) candle should give way to a new low tomorrow. Based on the (1d) RSI sequence, this fall resembles the fractals of November 2022 and April-May 2023. Both rebounded to the 0.5 Fibonacci level after pricing their respective bottoms. Trading Plan: 1. Sell on the current market price. 2. Buy at 78.15 (MA200 1d and a little over Support 1). Targets: 1. 78.15 (MA200 1d and a little over Support 1). 2. 86.30 (Fibonacci 0.5 level). Tips: 1. Both sequences traded sideways after bottoming for around 2 months. This will be an excellent scalping opportunity. Take advantage of it. Please like, follow and comment!! Notes: Past trading plan:
TVC:USOIL
by TradingBrokersView
1
WTI CRUDE OIL: Channel Down emerging.WTI Crude Oil got rejected on Friday on the former HL trendline which should now be considered a Resistance, rejecting the attempt to resume the uptrend. This turned the 1D timeframe technically bearish (RSI = 41.271, MACD = 0.120, ADX = 25.766) and the 1D MACD Bearish Cross (straight after a Bullish Cross) allows us to attempt a short entry, targeting the 1D MA200 (TP = 78.50). See how well our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope
4
Crude oil - Elliott Wave CountCrude oil - Elliott Wave Count Certainly, here is the rewritten text: Based on market analysis, it appears that crude oil is currently undergoing a triangle correction of wave B, with a projected target range of $89.5. Once the wave B correction is complete, wave C is expected to decline all the way to the $75 range. In light of this, we recommend refraining from taking long positions in a bearish market. Instead, it would be prudent to wait for a reversal and take a short position. Please note that this information is for educational purposes only, and it is crucial to trade with caution. TVC:USOIL FX:USOILSPOT BLACKBULL:USOIL.F MCX:CRUDEOIL1! NYMEX:CL1! TVC:USOIL CAPITALCOM:OIL_CRUDE
FX:USOILSPOTShort
by Treda_pro
CRUDE OIL (WTI) Your Trading Plan For Next Week 🛢️ What a pump on WTI Crude Oil. Following the geopolitical tensions, the market bounced nicely on Friday. Ahead I see a strong daily resistance: 88.4 - 88.6 area is the last resort for the sellers. If the price breaks and closes above that on a daily next week, it will be a strong bullish signal for you. You can anticipate a bullish continuation all the way up to 93.45 level then. Just remember, that first you need a breakout confirmation. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
13
Crude Oil (CL) Gap Fill LongWhile it's unclear whether crude, which has experienced large moves recently on account of the developing conflict between Israel-Hamas, wants to trade higher or lower over the longer-term, we’re looking to take near-term longs after filling the downside futures gap formed 10/6. We’re only showing down to a 30-minute chart here, but there are some smaller supply/sell zones @ ~84.25-84.75, which could be used for initial profit targets. If the trade works for a bounce, you can also consider applying mechanical targets @ 1:1, 2:1, 3:1, etc. Regarding an exact entry price and stop loss placement, the gap fill demand zone is a bit messy. The closing price of the gap itself, technically, is 82.81, so ideally we’d see CL trade to that #. However, markets aren’t always THAT precise, so it could put in a low at a slightly higher price. Furthermore, stop placement really depends on the timeframe used. The “distal” (lower bound) line of the daily demand/buy zone is 81.50, so if you can afford the risk, a physical stop could be placed below (never align your stops exactly w/ a zone’s range + don’t use whole numbers/quarters). More conservative placement could be slightly below 81.71 or 82.31, but there’s a higher chance you’ll be stopped out; depending on account/position size and risk tolerance, you can always deploy a “small loss, reenter” strategy. If you’re nimble enough, consider using a micro timeframe (single-digit minute, tick, or volume-based chart) to ID a trend reversal signal (higher high, higher low) before entering. If CL violates recently formed daily demand (82.81-81.50), be aware that there are “bear trap” areas waiting just beneath. Entries within the corrective segment of the uptrend that began in late-June are valid until prices breech the 77.59 pivot. As always, feel free to provide feedback and/or ask questions. Good luck, be smart, and enjoy the journey! Jon @ LionHart Trading
NYMEX:CL1!Long
by LionHart_Trading
Day Trade Market Condition oct 09, 2023 Happy ThanksgivingDay Trade Market Condition oct 09, 2023 levels for NQ ES CL BTC watch the table left side for trade, right side for trend I hope this message finds you all well. I wanted to take a moment to express my heartfelt gratitude to each and every one of you who has supported and engaged with my trading ideas and posts here on TradingView. Your views, comments, and feedback have been incredibly motivating and encouraging. It's truly inspiring to be part of such a dynamic and knowledgeable community of traders and investors. However, I must also humbly acknowledge that I am aware of my current limitations when it comes to trading. While I am passionate about the world of trading and investing, I understand that I may not possess the qualifications and expertise that many of you do. I want to be transparent about where I stand in my trading journey. I am constantly learning and growing, and I fully recognize that there is always room for improvement. My commitment to you, my fellow TradingView members, is that I am dedicated to honing my skills and expanding my knowledge in the field of trading. I may not have all the answers right now, but I firmly believe that with time, dedication, and the support of this amazing community, I can improve and provide more valuable insights and ideas in the future. In the meantime, I will continue to update my blog occasionally to share my experiences, insights, and progress in the world of trading. I hope you'll join me on this journey of growth and exploration. Once again, thank you from the bottom of my heart for your support and encouragement. Your engagement means the world to me, and it drives me to become a better trader and contributor to this wonderful community. Wishing you all success and prosperity in your trading endeavors.
CME_MINI:ES1!
by situ886
CRUDE OIL (WTI): Will The Gap Be Filled?!🛢️ WTI Oil opened with a huge gap up due to the Israeli - Palestinian conflict. As you know, the is always up to 80% chance that the gap will be filled. For us, it can be a nice shorting opportunity. To trade that with a confirmation, focus on 84.5 - 85.0 area. That is a minor intraday support that is based on gap close level and recent historical price action. My bearish confirmation will be a 4H candle close below that - its breakout. I will anticipate a bearish movement to 83.1 - gap opening level. As always, pay close attention to events. A new higher higher higher close will indicate the escalation of the conflict. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
6
WTI Crude Oil All Time Chart. Does History Repeat Itself..?!I'm writing this article, because of the striking resemblance with Today's oil and the one that has been a lot of times before.. I believe that history repeats itself, and there are lessons to be learned. And since this boom and bust cycle are not new, it might also provide some understanding on where we are heading. I hope you enjoy. The time of dinosaurs In the 1850s the whale fisheries had failed to keep pace with the mounting need for illuminating oil, forcing the price of whale oil higher and making illumination costly for ordinary Americans. Only the affluent could afford to light their parlors every evening. There were many other lighting options such as lard oil among others but no cheap illuminant that burned in a bright, clean, safe manner. George Bissell, considered as the father of the American oil industry, had the intuition that oil that was plentiful in western Pennsylvania could be a first rate illuminant. The slimy liquid was so ubiquitous that it tainted well water and plagued local contractors drilling for salt. In 1855, Professor Benjamin Silliman from Yale produced a report that vindicated Bissell's hunch that oil could be distilled to produce a fine illuminant (like kerosene), plus a host of other useful products. As a result, Bissel and his company, Seneca Oil Company (formerly the Pennsylvania Rock Oil Company) needed to dispatch someone to Pennsylvania to look for large pools of oil. First oil drilled in America That man was Colonel Edwin Drake, known as the first to successfully drill for oil. Drake arrived in Titusville, Oil Creek Valley. Oil was known to exist here, but there was no practical way to extract it. Its main use at that time had been as a medicine for both animals and humans. Natives used it for war paint and for soothing skin liniment. It took a couple years but Drake struck oil in 1859. This was the beginning of a pandemonium. Bands of fortune seekers and speculators streamed into Titusville and other oil-related businesses quickly exploded on the scene. I guess we can call this the Klondike of oil, as a beginning of Global Industrialization Era. Mr. Rockefeller was known as the co-founder of the Standard Oil Company and was the world's richest person. Crude oil jumped multi X times in 1860s from approximately 50cents per barrel in early 1860s to over 3 dollars in late 1860s. Additionally, I would like to note that crude oil fluctuated between $10 and 10¢ a barrel in 1860! Adjusted for inflation, Mr. Rockefeller fortune upon his death in 1937 stood at $336 billion according to Fortune (in 2008 U.S. dollars). Similar how crypto enthusiasts built their wealth in 2010s, right? 😉 Pump and Dump By the late 1860s, there was a slump in the oil industry, keeping it depressed for the next five years. Low kerosene prices, a boon to consumers, were catastrophic for refiners, who saw the profit margin between crude and refined oil prices shrink to a vanishing point. Worse, the oil market wasn't correcting itself according to the self-regulating mechanism described by neoclassical economists. Producers and refiners didn't shut down operations in the expected numbers. John D. Rockefeller said "So many wells were flowing that the price of oil kept falling, yet they went right on drilling." Rockefeller tirelessly mocked those "academic enthusiasts" and "sentimentalists" who expected business to conform to their tidy competitive models. One Hundred Years of Resistance for $4 According to the standard model of competition, as oil prices fell below production costs, refiners and producers should have shutdown. But the oil market didn't correct itself in this manner because refiners and producers carried heavy bank debt and other fixed costs and by operating at a loss they could still service some debt. Each refiner, pursuing his own self-interest, generated collective misery. Does it sound like today's crypto news, right? 😉 The U.S. drilling activity didn't slow down after hot 1860s as much as expected and a lot of producers are still pumping oil to avoid defaulting on their loans.. There was World War I in 1914-18, and total number of military and civilian casualties was around 40 million - around 20 million deaths and 21 million wounded. 😓 There was World War II in 1939-45, and total number of military and civilian casualties estimated around 50 - 56 million.. 😓 Crude oil prices jumped again, and again. But still remained below $4 until 1970s, as there were no all time peaks in crude oil after super hot 1860s. Money-printing Era Breaks the Rules The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system, that has been resulted with huge inflation all over the world within further decades.. Technical pictures at the main WTI crude oil chart illustrates, oil price are on the sustainable path since then, with huge bullish accelerations within local and global conflicts, like Arab-Israeli War in 1973, 9/11 attacks in 2001 and Russia-Ukraine conflict in 2022. Nowadays Knee-jerk surge’ happens again, and again, so oil experts repeatedly predict market impact of new 2023 Israel-Hamas conflict. Crude oil price sees a spike on early Monday trading Oct 9, 2023 so the overall impact of the attack on Israel by Palestinian militants Hamas has yet to consider... In a conclusion.. Does history repeat itself.. Certainly "Yes". As lessons of history still remain unlearned.
TVC:USOIL
by Pandorra
Oil (CL) Aggro/Oversold Fade BUYQuick take/analysis, but consider scooping some low-risk crude contracts here (break above 84.84). Better demand zones are lower, but we've had a sizable downdraft into buy areas + are testing a key support/resistance area (~84-85), so those traders may be at our backs. The US dollar has finally taken a pause at the supply zone we ID’d in posts from earlier this week/last week, so that may help commodity, including CL, longs. Keep this one a tight leash; the bounce we’ve had thus far has been tepid, a micro timeframe higher high/higher low hasn’t yet been put in , and daily/weekly “demand” is lower still (low-80s/upper-70s). That said, CL is certainly a trade to put on your radar. Given the technical structure of the recent selloff, consider taking any profits at 1:1, then 86, 87, and 88+. Again, better buys are lower, but start paying attention/stalking longs as remaining profit margin for short sellers is a lot smaller than it was at the beginning of the week (though there is still some downside risk)! Happy trading! Jon @ LionHart Trading
NYMEX:CL1!Long
by LionHart_Trading