Crude oil trading room video of lead trader reviewing oil trading signals / oil trading strategy for this week.
#OilTradingRoom #OilTradingSignals #OilTradeAlerts FX $USOIL $WTI $CL_F $USO
Transcript summary highlights:
October 2, 2018 12:02 PM Oil trading strategy for this week.
Voice broadcast doesn’t start until 6:00 on video.
Quick review for oil trading plan this week, first up is EPIC Oil Algorithm.
Price targets on EPIC Oil Algorithm model are in a cluster this week around API Tuesday 4:30 and Wednesday 10:30 and oil intra-day is trading within the price target cluster which doesn’t surprise me.
Last few weeks have been tough for me personally trading oil.
Oil is in parallel channel above where it was trading in the model. Oil is in bullish trend but I don’t trust trade divergent in a channel parallel to where it should be trading.
I have two different trading plans for trading oil this week – one for swing trading oil and one for intra-day trading oil.
Swing trading plan thesis is based on a long entry at or near the bottom of the channel in oil trade on the chart on video. Same thesis as last week and I missed my entry. I will be looking for a long with a stop and re-enter as I need to get positioning, it will be in size.
There are some comments at this point on the video to trading psychology reflecting on my own challenges getting positioning in oil trade.
The intra-day oil trading plan is simple and based on how oil has recently been squeezing, so if it squeezed again I’ll just go with it with stops and I won’t sit under pressure.
If I have to take some paper cuts I’ll take the paper cuts to get positioning (as with my swing trade plan also).
The second chart reviewed in the video is a weekly oil chart highlighting the wedge and some inlay Fibonacci quads with trend-lines. 74.23 Oct 22 is a downside scenario on that chart with 68.39 worst scenario same day, but when you weigh the recent trend up that isn’t likely. Upside trade resistance areas on FX USOIL WTI are at 76.84, 78.36, 79.64.
The charts below correspond to charts reviewed on the trading room video (previously published in weekly oil report).
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Curtis Melonopoly (@curtmelonopoly) is rated Top 250 Stock exchanges authority, covering also Mathematical finance and Economy of the United States
Article Topics: Crude Oil, Trading Room, Oil Trading, Alerts, Signals, Crude, Oil, Trade, Strategy