Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
So yesterday was ruled by the bears. After the price went lower than the 74.97-75.43 zone, it came back to the ONL, just to head down again. The bears were stopped at the next support, 74.25-74.44.
Trade 1:
Time: 9:07
Sell 1 @ 75.01
Buy 1 @ 74.88 P&L w. commissions: 125.38
The second touch of the ONH, after a small strech. I entered with one contract, experimenting with something new..
Trade 2:
Time: 10:45
Sell 2 @ 74.24
Buy 2 @ 74.29
P&L w. commissions: -109.24
I shorted a small strech, didn’t work out.
Trade 3:
Time: 11:42
Sell 1 @ 75.01
Buy 1 @ 75.18
P&L w. commissions: -174.62
The very same setup like in trade 1. Unfortunately this time it didn’t work, and I had to suffer a huge slippage as well.
Trade 4:
Time: 11:45
Sell 2 @ 75.18
Buy 2 @ 75.18
P&L w. commissions: -9.24
Strech and bearish imbalance. This time the greedy got caught, I could exit at my usual 10 tick, but I wanted 20. It didn’t come, so I scratched.
Trade 5:
Time: 11:56
Sell 2 @ 75.21
Buy 2 @ 75.12
P&L w. commissions: 170.76
Same idea as in trade 4. I wanted 20 ticks again, but it only gave me 10. With the exit I should have played breakout above 75.10, but as I always say, it's easy to read the left side of the chart...
P&L for the day: 3
P&L for the month: -270.2
P&L from 09.24: 1781.86
I am not saying it is always clear, could take a lots of false signal, but hey, as a starter you can make your day!
T440 big timeframe overview:
Before report move
After report move
The crude is still in a downtrend, one can see downward pressure long term.
The bottom two zones are so close to each other, that the price either breaks out from them, or moving sideways.
Trade 1:
Time: 10:19
Buy 2 @ 75.27
Sell 2 @ 75.25 P&L w. commissions: -49.24
I was expecting a breakout, because of huge buy imbalances on top, which was absorbed by the sellers. I was waiting for the bears to give up. They did, and the price runned nearly 30 ticks – without me, because I closed the position. Why? Above the absorption level the price stopped, and I could almost hear the crickets playing, so I headed for the exit.
Trade 2:
Time: 10:21
Sell 2 @ 75.35
Buy 2 @ 75.42
P&L w. commissions: -149.24
An absulute no-go, shouldn’t waste the time to write about it. Mixed signals, but I guess my subconscious mind wanted to trade after trade 1’s missed opportunity. Too bad.
Trade 3:
Time: 10:33
Sell 1 @ 75.42
Buy 1 @ 75.16
P&L w. commissions: 255.38
I just went with 1 contract, because I couldn’t see a clear sign, it was chopping. It was streched, though, and at the edge of my zone, which I did trust to hold. I was so inspired by @matevisky, that I holded the position for 20 minutes, personal best of this year!
Trade 4:
Time: 10:55
Sell 2 @ 75.16
Buy 2 @ 75.06
P&L w. commissions: 190.76
Now this beauty is rare, and is my favourite. Streched with decreasing delta, and, as a cherry on the cake, there sat a huge buy imbalance on top, which didn’t trigger a further move up.
P&L for the day: 247.6
P&L for the month: -22.54
P&L from 09.24: 2029.52
The price broke up from yesterday’s two bottom zones (see previous S/R zones), and the bulls continued to march overnight.
However, 78 is an important resistance here, and it’s Friday, so I expect sideways or bearish move.
The lesson from Friday’s trades: never experiment on something on your account. One should take trades after having a sound and backtested trading method. Obvious isn’t it?
Trade 1:
Time: 10:19
Buy 2 @ 75.27
Sell 2 @ 75.25 P&L w. commissions: -24.64
Now this is a classic 1 tick-miss trade, I still can’t believe it. After a good strech, I decided to let it go down, instead of taking my usual 10 tick target, I put a take profit to 76.35. I entered with 1 contract, since I used 10 tick stop instead of my usual 5.
So, entered short at 76.68. I tried to resist to pull the stop to entry, so I waited. But it didn’t go down, so finally I tried to scratch.
After that, the price came up, but it turned 1 tick before my previous stop, and headed down again, right to my previous profit target, where it turned up 1 tick before it, so the target wasn’t reached. (then, 16 minutes later, it was)
Overnight the price mainly went sideways. There was an attempt by the bulls to push higher, but the bears pulled back. A big zone formed at 75.65-76.5.
The big question is, which way now, above ONH or below ONL? I’m with the bears now.
The world – at least the oil-producing part of it - is getting fed up with the current low prices. „…current levels are unacceptable, Iraqi Oil Minister Adel Abdul Mahdi said yesterday.”
Everybody’s waiting Thursday’s OPEC meeting, where the members might agree on a production ceiling cut. The big question is how much will it be? This will surely set the direction…
Why? Above the 
