Crude Oil Inventories & Price wedge; fade-the-breakouts for +125 ticks of Profit

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Our day trading
strategy this morning used 3 simple clues to formulate our trading plan,
and then we just sat back and waited for the price action to come to us as we
earned over 125 ticks of profit this morning with our members in the live trade
room.

Our first clue came
from the news this morning, which helped us plan our day trading strategy around
the times of the morning when price action would be the most challenging.  Its important for a new trader to keep the
news simple, and don’t try to ‘predict’ what will happen, just set your alarm 5
minutes before the news and sit on your hands until 5 minutes after the news
comes out and the market gets into a ‘rhythm’ again.  Once you have a few months of experience watching
the news releases you will have a lot more ability to anticipate what will happen
next, but when you first begin learning to day trade keep it simple.

The dollar index was
our second clue this morning, which told us some very important things right
away.  First, there was no trend on
the dollar index chart so we know there was no ‘directional bias’ in the
markets we trade today.  Without a trend
on the dollar index we can buy and sell with ultimately the same effectiveness,
so we made note of that first.  Second,
we saw a very familiar price structure called a price wedge.  This type of price structure gives us a big
clue for market personality.  We know
that when the dollar index is trading a price wedge we can expect to see fake-out
breakouts when price rises higher or moves lower, and we applied this to the
markets we traded this morning.

Crude Oil was almost
too easy this morning as long as you followed our day trading strategy we
defined in the morning prep today at 730am EST.  First, today was Wednesday so we knew that Crude
Oil inventories at 10:30am EST so we expected to see a little sloppy before
that time, and it certainly was.  Second,
we had a price wedge on crude and when you have the dollar index price wedge as
well this makes our day trading strategy very easy to plan.  The price wedge on crude told us to fade-the-breakouts,
meaning that if price broke new highs we would sell, and if it broke new lows
we would buy.  This day trading strategy worked
out perfectly today, and we finished the day with some great profit trading Crude
Oil inventories as well.

This has been an
incredible week in the markets for members of schooloftrade.com.  our live trade room opens daily at 730am EST and
we look forward to teaching every member how to follow our simple trading plan
and start earning profit with us every day. 
Each member received a custom-fitted trading plan so they have the exact
specifics they need to succeed.