Day Trading Crude Oil Inventories for another profitable day

We used a simple day trading strategy this morning in our live trade room and used some lessons we had learned from earlier in the week to stay patient looking for the best trading opportunities after crude oil inventories were released at 1100am est this morning.

The key to our crude oil trading this morning was understanding how to use a simple price structure we call a price wedge.  ive said this a million times in our trade room with members, “if I could use one strategy the rest of my career it would include trading inside days with price wedges” and that is EXACTLY what we had today.

The morning began with lower-than-expected Jobless Claims data which sent the market up to the highs of the wedge (more jobs = more crude oil demand) but those buyers quickly stalled at the highs, and just like we saw on Tuesday and Wednesday we quickly fell off the highs, giving us an easy trading opportunity to execute our simple plan of attack…SELL THOSE HIGHS!

Once we got into the 900am hour this morning the market slowed down, just like earlier in the week, so we mentally prepared to avoid trading the slop and chop we had seen earlier in the week and waited through the Philly Fed Manufacturing and Natural Gas Reports, in anticipation of Crude Oil Inventories at 1100am est.

The big question this morning was…will crude oil contract rollover, and inventories being on a thursday keep active traders out of the market for this report so late in the US morning session?  We had to wait for 1105am EST to get the reaction from the market, which was definately subdued, but we still got the chance to make some easy money off it on the way down.

Did you miss the action today in our live trade room?  We called these trades live in our trade room this morning, helping our members achieve the profits they work so hard for every day of the week.  We will be opening the trade room back up tomorrow @ 730am est so come join me!

Our automated trading systems also made some great profits today, you can check out the performance of those strategies on our blog right here!