October 5, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading strategy said ‘SHORT’ for another +100tick day in Live Trade Room
This morning we finished up an incredible week with a Non Farm Payroll Friday. We discussed the day trading strategy for NFP-Friday in our Morning Prep, and we were ready for the price-action to get started shortly after 8:00am EST today. We didn’t have to wait long this morning to find some high-percentage-trades on Crude Oil using a simple day trading strategy we use with the Previous Highs of the Day (PHOD). This strategy uses the PHOD as the highs of a trading range, and when we fail to breakout of this trading range, our day trading strategy says to sell those highs. We got short on Crude Oil when the buyers failed above the highs and we managed to grab 2 profit-targets before the news came and bounced us out.
Later this morning, after we made it through the sideways slop from the 8:30am news we soon realized that this market personality hadn’t changed, and the sellers were STILL in charge and trying to push lower. We found a price-wedge on our 21-Range chart around 9:00am, and by 9:35am we had the buyers on the run, the sellers took over again, and our day trading strategy told us to get short Crude Oil futures when we broke new lower-lows. ———————————————————-
Read the Complete Trade Room Recap HERE
