Crude Oil earns +175ticks with a simple day trading strategy buying pullbacks

Wow what a way to end the week!  The Fireworks were going off BEFORE the Holiday started this morning in our Live Trade Room.  We began the day with 3 winning trades called LIVE in real-time helping us smash our daily goal and get this day off to a great start!

We began the day looking at Crude Oil Futures, which were trading at the highs of the short term trading range, and we have a specific day trading strategy for this.  Whenever a market tests the highs we have three scenarios to consider;  first, price may keep moving higher.  Second, price may sit sideways and get stuck at the resistance.  Third, the price may stall and reverse off the highs.  We were ready for any of these today before 900am EST and our preparation paid very well in the end.

Our first opportunity to get long on crude oil came before the markets opened at 900am est.  We chose to sit on hands through the first move higher today because of a few reasons.  First, it was the first glimpse of price action we saw and we didn’t have any experience with how this day was going to look.  Second, we were trading at the highs which meant the sellers were trying to grab hold of this price to reverse it.  Third, we needed to test the waters ahead of July 4th Holiday to see if the market personality was REALLY going to move.

We didn’t have to wait very long to get the confidence we needed to enter our first trade today, which was the second pattern we saw overall.  Our first trade today was just after the Crude Oil Pit Opened at 900am EST.  With new higher-highs in price we used our Wave-Pattern to enter long with a live trade called ahead of time for everyone take with us.  Our first trade made us money before pulling back again and setting up for our 2nd trade of the day.

LIVE Crude Oil Trading

The second trade on crude oil this morning is exactly why I love what I do every day, and another example of why I always stick to my plan, even when times get tough.  We got long our second time this morning when we saw the price action in the hands of the buyers, and after we entered long the rest was easy.  Our automated trailing stop grabbed profit and removed risk, locking up over 100 ticks of profit on 1 single trade.  After this second trade of the day we had hit our goal and had the whole day in front of us!

Later in the morning, around 1000am EST we got short when we saw those same buyers that were pushing higher start to FAIL.  We sold short a few times after 10am est and as you can see from the track record today it was certainly more challenging to get short, we made money, but it was easy to see the market personality shifting to look more like a Holiday-Time market ahead of the 4th of July Holiday.  When we saw this price action getting sloppy we had no reason to keep forcing trades, so we closed up our charts and finished up an incredible day!

Here’s an illustration we did in the live trade room, discussing the most effective way to set up your trading workspace with 2 monitors.  Remember, we build custom trading computers for our clients, so if you need guidance on computers please contact our team.

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