Anyone trade US Oil?

Yes, for just over a year now. I used to post here:

https://forums.babypips.com/t/crude-oil-trading/83773

I still trade oil, nearly always from the long side, I don’t short it.

It is a nice market if one respects it. It can move fast but charts well, and the moves can generally continue quite well, offering some good opportunities…

I got a bit bored while we were obsessed with the OPEC deal and draining the global oil glut - it was the constant cyclical repetition of tues/weds latest crude stocks figures and Friday’s US rig count. But other factors are now coming into play and we are back into the interesting various geo-political issues etc…:slight_smile:
Good luck with your trading…:slight_smile:

1 Like

Thanks for your input @Manxx I’ll continue testing to see how well it does, it seems to be trending way better than the currency pairs I look at. But how long does that normally last? What other markets should I be looking at in conjunction with oil?

I don’t think there are really other markets that have a great impact on Crude prices from a trading perspective. There is a correlation between the value of the USD and Crude since oil is still priced mainly in USD. This means that consumers will often stockpile when the price is cheap in their own currency but I dont think that correlation is tight enough to influence pure Crude trading decisions.

Personally, i only trade according to a TA model but I follow a number of commentary sources purely out of a genuine interest in the commodity. That is one reason why I like oil, it has a concrete identity and existence. It is all about supply, demand and storage! If you remember that Venezuela, for example, is sitting on the world’s greatest reserves of crude oil and yet is on the brink of bankruptcy then one realises how influential oil still is in our world - it is just fascinating! :slight_smile:

Hmmm maybe I should continue with my Crude Oil thread here… :smiley:

2 Likes

Indeed you should! lol I’m definitely going to continue to research because I’m liking what I’m seeing so far

I am not surprised that you like it. It is a bit scary at times but it creates an interest in global events like nothing else! :slight_smile:

I will think about it. Maybe I will carry on there if it interests you.The reason why I only trade long is because if there is ever a “black swan” type event then it is more likely to be something that causes a massive jump in oil prices than a crash - and if that happens then I want to be either out of the market or on the right side of it! :slight_smile:

Are you trading cfd’s? so you have a rollover date each month?

1 Like

Perhaps it is time for some of us to look at other subjects rather than repeating the same old responses to the same old questions. I could be interested in taking a look at your old thread and seeing where it goes too ! :sunglasses:

Hi justshell . . .

I’m new to BabyPips but have been trading full-time for many years. I like to see what others are thinking as it often gives me new ideas (or I remember old ones).

One of the markets I formerly traded all by itself was Crude Oil (CL) – but futures through NYMEX (now C.M.E. Group).

It is in a consolidation phase now (May 2018) as they sort-out what might happen with the Iran Deal being stopped by the U.S. and potential problems in the middle east.

CL has a definite personality and still can give excellent trades. However, it often just trades in a range and so I add other markets to supplement the day when CL is being lazy.

1 Like

The key takeaways on the risk outlook for crude oil prices are:

  • Typically the oil price moves inversely with the US dollar.
  • Thus when you get a scenario of a stronger US dollar, with potential upside to come, it means headwinds for oil.
  • At the same time, long oil looks like a crowded trade, meaning downside risks are elevated.

Crude Oil Speculative Fervor: Crude oil bulls seem to be getting carried away, speculative futures positioning is rolling over from extremely crowded longs – a potential short term warning sign.

1 Like

Yes, I’m currently demo trading US WTI crude oil. But, I literally just opened my first oil trade Sunday night, so I haven’t experienced what happens on the rollover date yet. I’ve only done slight research so far about it. I read that the trade will close on the rollover date, and then MT4 will automatically open a new position. Is that correct?

The position will be closed out on your broker’s rollover date but i don’t know about it being automatically reopened. At least with my broker I get a notice prior to the rollover date and I have to manually reset it if I wish. I don’t generally have positions open over the rollovers but i would imagine this is the general practice?

Yea I guess it depends on the broker. I was just reading that from an article i found on Google, but maybe some brokers do automatically open them back up, or might just give you that option to open it back up for you.

That, I guess, is possible. It would seem unlikely that a broker could reset a position in your account without either a specific order or a general instruction from the account holder.

Hi , oil is my favourite thing to trade , love the volatility and in my opinion it is less complex to analyse then currencies.

Yea I noticed that it is a bit easier to analyze than some of the currency pairs, also works in conjunction with the USCAD pair which makes sense

Indeed a good idea, I am also thinking to start commodity trading along with currency trading. However, a few months ago I traded metals but only for a limited amounts.

Yea I just made a nice $150+ off of just oil this morning lol

Hi Justshell,
I am trading USOIL on FXCM. I started my own blog to write about my journey of trading USOIL.

Gr.,

Adam

2 Likes

thanks for sharing @Adam3381 ! I’ll check it out :slight_smile:

Hey guys, I am looking for a MT4 oil demo in the USA. All the demo’s with oil I see are not available here.

I use Hugosway for my broker. They have oil available. Some people have complained about Hugosway though, but I have yet to have any issues with them