Crude Oil Futures day trading scalping and swing trading for tomorrow

Hi guys!  congrats to everyone making money with us today in our live trade room!

We can see some great trading opportunities on crude oil futures tonight, lets review these and make some money today!

im going to start with my slower charts first, give you a bird’s eye view of the market, and then ill look at the faster timeframes for all you scalpers.

Im using a 34-range chart for swing trading crude oil futures (click for image), and i can see that we are trading at the highs of a very easy wedge pattern.

the best part of this pattern is that we already trading at the highs of the wedge, which means we have a clear entry short when we break below 76.85.

using a 2-step reversal trading pattern and entering short below 76.85 im looking for some wide targets on this, so look for 1/2 off at 76.40, 1/4 off at 76.05, and then we have 2 options for the final 1/4 of your position.

im going to watch my time and sales window, read the tape around 75.92, and if the speed is good and we see a bearish bias on the tape im going to hold down to 75.23.

lets move forward to a faster time frame for day trading crude oil futures (click for image)

im using my 13 range chart from Ninja Trader (included in membership of course) to spot two great trading opportunities.

its hard to miss the sideways market we have on the 13-range chart right now, so lets play with this trading range from 77.55 – 76.73.

avoid trading in the middle of sideways trading ranges, and play the edges, so lets focus on long above 77.55 and then short below 76.73, these will be the highest percentage opportunities for us.

entry long will be higher risk considering the 34-range chart is screaming “short me” right now 🙂

Long above 77.55 with profit targets of 1/2 off at 75, 1/4 off at 95, and then look to hold into the highs, watching for speed of the tape to confirm we will break the highs, and im looking for just a little bounce above the highs as the stops get run and we launch above the HOD for a final target at 78.15.

considering the higher percentage short entry below 76.73 with a first target off at 76.45, 1/4 off at 76.25, and then final target of 76.05.

watch the tape to hold this final portion of the position down to a major final target of 75.80.

calling all you scalpers out there…put down the triple vanilla latte and
look at the head and shoulders pattern scalping crude oil futures. (click for image)

the first thing we see is this day-long head and shoulders, which is a trend reversal pattern, so we are looking to get short as the high percentage trade of the day on this.

short below 76.84 with your standard scalping trade management strategies. (members, we will also review this in training)

with that said, expect to see the market tests the lows around 76.91, and it will LOOK like its going to break, but the potential for a fake-out breakout price reversal on this is HUGE, ill bet we see it tests these lows of 84 and then go straight for the highs, so lets keep that in mind.

im going to catch the whole market off guard when we buy the breakout above 77.55 with the intention on getting back up into the bullish channel pattern (yellow line).

use your standard trade management for scalping crude oil, but remember that the lower end of the channel will need to be accounted for in your trade management, so use that as a final target if you can get long below 60’s.

Hope it helps, see you tomorrow morning in the live trade room 🙂