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Day Trading Strategy for Scalping Crude Oil Futures using the Previous Highs and Lows
prep, and we saw a few major clues;
first we saw the news this morning was pretty bare. We had some early morning news that would be
followed by a 1000am EST testimony from Ben Bernanke so we knew right away that
we had to be ready for early morning action and then be aware that trading
around 10am EST this morning would be a little sloppy…it definitely was.
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| Called LIVE in our Trade Room |
Our day trading
strategy began with the dollar index and we noticed the dollar index trading
in a price wedge which was an initial red flag, one that would be easily
broken, but that’s where we began the morning.
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| Dollar Index @ 730am EST |
We then checked crude oil futures to create our day trading
strategy that would use both the news and the dollar index and we got some BIG
clues from crude oil. First, we have a price
wedge and we were looking to buy the lows of the price wedge. Second we have the previous day’s trading
range right on top of us this morning, and we always want to pay close
attention to the previous highs and previous lows of the day. Third, we saw a
double-top on crude oil that made us aware of the support levels below us this
morning which would help give us buying opportunities at the lows of the price
wedge.
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| Crude Oil Day Trading Strategy @ 730am EST |
Our day trading strategy for crude oil was very simple. Buy the price wedge lows, buy above the PLOD,
and remember to keep an eye on the clock around 1000am EST when Ben Bernanke
comes on TV. We also knew that the PLOD would
be an ‘electric’ price level we could use for trades above and below, but we
know that price level won’t last forever so just the first few tests above and
below it.
trading goals for the morning so we began to buckle down and make sure we only
took the highest percentage trading opportunities, we traded lightly around
10am EST and we finished the day with MORE big winning trades by following our
simple trading plan.
tomorrow? Come join as an advanced
member and Ill show you EXACTLY what to do and how to do it with me REAL TIME
in our live trade room.
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