trader273

As goes crude oil, goes Heating oil. Or is it as goes heating oil goes Crude oil???

Updated daily chart as of 10-01-07

You could also plug the IB data into Multicharts. No need to pay for Tradestation or a new data feed. Just the one-time fee of MC. Since you just want the charts, this is probably your best bet.

Well I stopped by and I saw the thread about Trex and people like that no longer wanted here, so I'm more the happy to post here and try to help each other. Just cant stand vendors who claim they are the best thing in the world, yet couldn't prove it at all . Anyways....lets take a look at crude. Nothing is really that different in the daily or weekly, so lets take a look at the 60 minute. This smaller timeframe might give us a clear view of whats going on. Looks like it is stuck in a range. Seems like there is a lot of resistance building on the 60 minute, but likewise there is some support building. Looks like it cant sustain any prices above the 81.20 level. If we can get a good close over that level ( and the daily and weekly hold up) we could be in for another move up. However, if sellers continue to come in and these levels are rejected some more, the bears could take control. However, the main level to watch for the downside, is a close below the 78.50ish level. So the 60 could provide some indication, but I think its prudent to wait for at least the daily, if not the weekly.

OK, well I hope you guys still go on with this type of analysis on all different types of markets and time frames. I'm outta here. Too many vendors and people pimping vendors sh*t, it's not worth it any more. If I wanted that I'll just go to ET. Too bad because this forum was a nice change of pace. Oh well. Good trading to all!

You could always take the OEC data in plug it in to 3 other charting programs. http://www.openecry.com/traderstoolbox/3software_charting.cfm

We will have to see how this week plays out. Right now its looking an awful like the reversal around July. Big green bar up through resistance. Then a dark cloud cover forming the following week closing below resistance. If this week plays out like that I would look for a move to the downside to about the 68-70 level. (low of the hammer, and also previous resistance and support level. But patience is the key here, if taking a long-term approach. I don't use any of this analysis when day trading though. One can make money shorting oil on an intra-day basis even though the daily is in an uptrend. I don't want to bias myself to one direction on an intra-day basis.

Well it's the end of th week. Looking at the weekly crude chart is did close over that resistance level. But not by very much. An bigger upper shadow takes away from the bullishness a little. Looking at the daily chart, two days ago it closed over the resistance level, and now the low of today is sitting right at is as support. IMO, we will have to wait and see how price reacts around here before putting on a position. I think that $80 is a very psychological number. Combine that with the resistance levels we are seeing here and my gut is telling to watch the short side. However, waiting for the technicals to give me a clearer picture than my gut.

One of the more interesting things to do with candle charts ( i guess all charts for that matter) is the ability to start with a high time frame and work your way down. What does this accomplish? It allows a trader to see a macro perspective as well as a micro perspective. Example, you see a support level on the daily chart, now you have to decide if that support level will be held or broken. One could wait till the end of the day and make the decision there, but waiting a whole day could be costly. It could increase your Risk-Reward and that could keep you out of some profitable trades- all because you are waiting for the completion of the day. Another way to do it, is to know a market is coming near support and then you "Drill down" to smaller time frames to find candle patterns at that support level. This will allow you to enter before the end of the day, all helping your risk-reward. The draw back is that by the end of the day, perhaps, the support line is broken. If just using the daily no trade would take place, but if you drill down a trade is placed and a loss could be taken. Its a give and take. Lets take a real-life example. Currently crude oil (CL) is above resistance. Is it going to stay above it? Your guess is as good as mine. Just looking at the weekly, looks bullish enough, but still a couple days left. So we drill down to the daily chart. Looks bullish enough, maybe a spinning top forming, but nonetheless still bullish. So we go down to a 60-min chart. This is where things don't look as bullish. Previous day's high is now a good resistance level. But also formed a nice hammer around 79.20 ( about where the old resistance was--change of polarity). So looks like on the 60 we are about in a range, not exactly bullish. So lets look at the 30. Pretty much the same thing as the 60. If it can get below that 79.20 level longs could be in trouble. The weekly and daily charts could be setting up a bull trap. These are very strong resistance levels. I would be careful of holding longs if this new support is broken. If its broken, or your anaysis says it could, drilling down time frames could give you a good entry with excellent risk-reward.

If using a weekly chart there is still time for it to close below resistance. If it does that it will more than likely form a shooting star type line and a good short IMHO.

I saw those threads and just about all of them you mention felton one way or another. Once again, that helps no one. And my trading is going quite fine, and I didn't have to pay someone $5k to learn there method either :thumbs up:

Oil is on fire today! ( well, metaphorically speaking- its not really on fire ) will is stay above these resistance levels is the question though? It appears the daily will close above, but we have seen in the past it was just the bear luring the bulls in. That is why I like the weekly charts. May take longer, but should give more quality signals.

That's all fine. But don't go into forums and say, "well i use felton, blah blah blah", since no one (except those that pay that $5k or whatever it is. Since its not even on the website I can imagine its around that $5k level). It helps no one in the least bit. People here want to learn to trade on their own and be self-sufficient, not spoon fed some magical indicators that harldy ever lose. Why are you really here? Is it to help each other and pass ideas around? Looking at your post since you got here, about 80% in one way or another mentions felton trading. I would guess you are basically a spammer. Everyone here is trying to keep this board from turning into other trading boards. This includes keeping people off that come here for the sole purpose of basically spamming. So I hope you stay and contribute to this community, but if you are just going to be a felton cheerleader their is really no need for you here.

Trading your own funds is not the same as a CTA or CPO. So he just trades his own money, thats fine. Let's see some of his personal audited results then.

What company? and where can I get audited results?

You must have missed this accidentally. So go ahead and post a response, because I would love to hear it.

Crude oil inventory report.Released at 10:30 on Wednesday unless Monday was a holiday, then it gets pushed back to Thursday.

Difference is that people can learn from what people are talking about without having to purchase with anything. TI, Felton or any other crap like that with "secret" and "proprietary" indicators, people that dont pay for the "ultra-secret--ultra-profitable" settings are left in the dark. So saying "I use felton trading", helps no one. However, when people say i use VSA and here is my chart and here is how you can set it up, helps people. Ask yourself this question- If felton or TI was really that good, why not just trade it for yourself. Set up a CTA, charge 20%-30% performance fee and you can be a millionaire. It makes no sense to set up an "Educational" service and make peanuts of what you can with a profitable CTA. I raise this question with all vendors and never get a straight answer. It is always, "well we just like to help people", which is a bunch of crap. Trading is one of the most cut-throat businesses out there. So unless you post the felton indicators in the coding forum, it helps no one. So either post the indicators or stop talking about felton (unless he wants to become a paid sponsor-- im sure james would be interested then)

I'd be careful of buying right below resistance. Might be prudent to wait to see if the resistance holds. Of course, only my opinion.

Not sure, im sure its on the web somewhere.

Heating oil and crude oil are correlated markets so maybe heating oil (HO- thats the ticker I'm not calling you a name:o) Heating oil broke out so far, but we'll have to wait to see if it can close over the resistance areas and see if it pulls crude with it.

Tick value for CL is $10 and it moves in .01. I think QM is $12.50/tick but moves in .25 increments. Plus since CL can be traded electronically the QM has really lost a lot of volume. CL can be a very quick market, often moving 3-5 levels at a time. Here's my take on the weekly CL:

We could turn this into a thread where people can post whatever markets they want, be it daily, weekly or monthly. Its good to bounce off ideas and try to learn from each other. So have at!

Chart:

Candlestick analysis can be very powerful especially on longer time frames. One of the most powerful tools (IMHO) is the theory of change of polarity- old support becomes new resistance and old resistance becomes new support. I enclosed a weekly chart of Crude Oil. I did the analysis till about February 2006. Current Analysis: Should be long from hammer 4 bars back. Could be finding resistance at these current levels. There have already been two bull traps at these levels so I would tread lightly. I would take some profits if none have been taken yet. If we can get a new high with a CLOSE over the resistance that would be very bullish. 1) Bullish Engulfing of red spinning top engulfing the last ( at least 3 candles) a. Low of Pattern becomes support b. Reason for trade = no 2) Evening start a. High of pattern becomes resistance b. Reason for trade = no 3) Hammer at support of (1) a. Reason for trade = yes because at support b. What to watch i. Resistance set by (2) 4) Dark Cloud Cover a. High of Pattern becomes resistance b. Reason for trade = no 5) Numerous Hammers/ piercing / spinning tops a. At support set by (2) – change of polarity b. Reason for trade = yes c. What to watch i. High of (4) 6) Shooting star a. At resistance set by (4) b. Reason for trade = yes c. What to watch i. Low of (5) 7) Dark Cloud Cover a. Below resistance set by 4 b. Bulls took it above that level but failed to hold it above- classic bear trap c. Reason for trade = yes for aggressive traders d. What to watch: i. Lows set by (5) and highs set by (2) 8) Shooting Star a. At resistance set by (4) (7) and (6) b. Reason for trade = yes if not already short on (7) c. What to Watch i. Lows set buy (5) and highs set by (2) and lows set by (1) and (3) 9) Hammer a. At support set by (1) and (3) b. Reason for trade = yes c. What to Watch i. Resistance set by (5) 10) Bearish Harami a. High of Pattern is resistance b. Reason for trade = no 11) Hammer a. At new support set by (9) b. Reason for trade= yes c. What to watch i. Resistance set by (10) 12) Spinning top a. Confirming support set buy (1) (3) (9) and (11) b. Reason for trade = yes ( if not long form (11) c. What to watch i. Resistance set by (10) 13) Shooting Star a. At resistance set by (10) b. Reason for trade = yes c. What to watch i. Support set buy (12) 14) Hammer a. At support set by (10) b. Reason for trade = yes c. What to watch i. Resistance set by (2) and (5) 15) Shooting Star a. At resistance set by (7), (4), (6)â€â€bull trap #2 b. Reason for trade = yes c. What to watch i. Support set by (2) and (5) 16) Hammer a. At support set buy (2) and (5) b. Reason for trade = yes c. What to watch i. Resistance set by (4) and (6) ii. Resistance set by (7) and (15)