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The main purpose of the market is to make fools of as many men as possible."
- Bernard Baruch
A quick trip down Memory Lane ( Courtesy of Hedgeye)
Back in October, people said there was a “price floor” because it was uneconomical for “high cost” U.S. Shale Producers to produce below $80/barrel...
In November, people said there was a price floor because OPEC was going to cut production...
Then in January, people said there was a price floor because oil rigs were being idled at a rapid pace...
The one thing clear now is that the world has learned a thing or two about oil production now that we are in the $50/barrel range:
1. U.S. shale production has become much more efficient and a breakeven cost of production for most is well below $80/barrel.
2 . Physical markets adjust to volatile financial markets on a lag (supply/demand):
a) Many producers hedge out the price of oil which eases some of the pain of shorter-term price movements
b) Producers are often tied into contracts that require them to keep delivering oil
c) Because the money to develop an oil field is spent upfront, many E&Ps will produce an incremental unit of product at an operating loss before cutting production cold turkey
3. OPEC’s main focus is to keep market share. Cutting production risks the possibility of end-user customers finding a new producer to source crude oil. Market share is key for keeping “swing producer” status. OPEC has already been consistently losing this share since its “oh-so-powerful” status during the 1970s embargo years when they had a 50%+ share in global markets.
4. Aggregate production levels can increase even with rigs coming offline at a rapid pace. Oil companies will sideline lower-producing rigs in more mature oil fields and produce more from their best rigs on the most lucrative acreage in tough times of low prices.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Hello Guys,
I opened a free group/chat for mainly crude oil traders, but you can subscribe anyway (also non CL trades), in a large Italian community-based chat, which has the ability to open private groups with chat where you can also post pictures youtube …
Stopped out during Asian session. CL moved from 50.40 area to 51.82. Hum-- should i be looking for longs here or shorts here?
I am looking at 52 area for shorts and 50.50 area as long refrence points as a first step. So, no lngs for me at 52 area on first test after beating CL got yesterday.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
50.40 as refrence point for long. All it means that my stop loss will be below that area for longs. So if i feel like going long at 51, stop loss will be below that area. This stop loss is too wide to try long. Thus, i will wait till it get as close to that area as much possible, otherwise no longs unless
1) Clear and massive buying shows up in an area ( i have no idea where it will be, if any) to take wide stop loss risk.
Is this based upon fundamental or technical analysis? It's always a combination of both. Sometimes fundamentals have an upper hand on a set up and sometimes technical analysis have an upper hand on a set up. Sometimes it's just SCREEN based experience.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
For Brightside. Thanks to your screen name, on my youtube search i came across a track named " Brightside". We need to have fun while trading.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Long 51 and out 51.42. This falls into SCREEN based experience category. At 51.80 indicators were showing buy, buy and at 50.90 sell, sell (lol). Algo's can ONLY push price so much, that's why i got out.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
No new trade since long off NY open. When there is no Edge, i try sit on hands. There is no need to muck up gains from Globex session and NY open. Real buyers and sellers do not muck around with 40 ticks range. Never confuse algo's based PRICE ACTION with Real Buyers/Sellers. My bias is still to the short side with 52 as a refrence point.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.