crude oil inventories

Crude Oil Inventories 06 may 2020

The forecast for this weeks crude oil inventories was 8.5M and the actual outcome was 4.6M giving us some difference between the forecast and previous outcome. Price action was to the upside but we always wait for support or resistance to appear on our HTF Chart. Resistance was established at $26.07 and support at $25.81, break of support followed and it was time to look for short setups for today. 3 setups followed with our first setup going into our first target and getting close to the last target but the pull back took us out of the setup and still locking in $630 for the trade setup. Re-entry followed for a stop out, losing 12 ticks per contract. At this time we could clearly see a strong support area that was sitting at around the $25.10. The last re-entry only got us a small profit of $90 and we eventually ended the day up by $360.

With regards to the rollover week, we are already trading the July contract. Rollover on crude is only on May 17th but volume on the July contracts is already exceeding the volume from the May contract.  

The trading plan we use for the release of crude oil inventories has a tremendous track record and the context of tested and proven trade plans that grow a trader´s equity.There are off course always times that it will be challenging but we always keep disciplined, never let your emotions play any part in your trading! Let the system and trading plan do the job.

Live trade taken in the Live trading room on Wednesday May 06 2020:

SORRY, FORGOT TO HIT THE REC BUTTON ON THE FIRST SETUP.

I continue to post the live day trading videos on my Youtube Channel where you can find more live trades from the last 5 years, all taken live in our Live Trading Room.

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Hope this helps,

Alexander Soares


Also published on Medium.