1:48 AM
Most Volatile Oil Market Since ’09 Seen Persisting on Oversupply by Bloomberg.


How i am trying to trade it?


NOTE: As a note to my chart. Typically i am flat before 9 am NY open due to Globex inventory adjustement process.

Hey @Big Mike can we sticky this thread so that it stays at the top and nobody starts another CL analysis thread.
(I think there are currently 3 threads but this is the biggest and most recent).

Here's what I have for today. Most people would pull from Globex session low - not always but I tend to place emphasis on time ie EU/ London/ NY, pit open - close etc

-Bill_M



EDIT

Of course there's just as many short half-way-back that can be pulled as well, micro and macro

mfbreakout 

Every Wednesday morning at 10.30 am Crude Oil inventory report comes. Price reaction to the report is the ONLY thing which matters, Everything else is after the fact but i look at news from Bloomberg etc. Wednesday high is resistance and low is support till proven wrong. For example, based of yesterday report , for me 52 is resistance till proven wrong. I will short with stop loss above 52. Typically once Wednesday highs gets taken out- CL run 100-200 ticks. How much CL runs once wednesday highs gets taken out depends on the FORCE with which this level gets taken out. Pice just going above by 20 ticks etc mostly turns out to be head fakes. For me, if today 52 is taken with FORCE out longs and longs. Till then shorts and shorts. I have a short at 49.76. Will keep covering for 40-50 ticks while staying put with shorts.

why 52? it isnt the swing of the news release or the swing high of the day.

madLyfe 

why 52? it isnt the swing of the news release or the swing high of the day.

I look at high of the day ( globex session high) and high put in after the news. Based of after the news report yesterday, high will be 51.10 area. That's why i said yesterday no longs for me till 51.20 area is cleared with FORCE and i kept shorting where ever i could muster the courage. It never crossed my mind to try long till there seems to be exhaustion into the close around 48 area.

@FuturesTrader71

Nice comment today in unusual market activity

In a nutshell (paraphrase)

Quoting 

We have not seen a drop in oil without an economic event We have yet to see the economic event

The above is close enough for hand grenades and .GOV work

-Bill

IMHO here's what we have to work with for now (now can be long or short term)

-Bill

I'm curious about how much of that Captain Happy BS we just witnessed in /CL was due to Denmark?

-Bill

SMCJB 

Hey @Big Mike can we sticky this thread so that it stays at the top and nobody starts another CL analysis thread. (I think there are currently 3 threads but this is the biggest and most recent).

Done.

Mike