May 10, 2012
- in Uncategorized by schooloftrade
Day Trading Jobless Claims with Crude Oil Futures earns +100ticks
We began the day today with a BANG! The day started with Crude Oil trading at the highs of the range from Wednesday and we wanted to sell those highs first. After reading the tape we did NOT see substantial sellers, then followed by lots of BUYERS at a high speed on the pace of tape indicator. This told us to avoid the sell, and get long, and this simple technique earned us over +100ticks this morning before 900am EST.
We located the perfect profit target at the next level of major resistance overhead, which was a trend line on the 89 and 55-range charts on the CL 06-12 contract. A great example of reading the tape and using the speed along with the Previous High of Day this morning!
