crude oil inventories

Crude Oil Inventories 10 JUNE 2020

The forecast for this weeks crude oil inventories was -1.8M and the actual outcome was 5.7M giving us some difference between the forecast and previous outcome and indicating a lower crude price.  We always wait for support or resistance and price was eventually never able to break the established support level but instead breaking the resistance level and trading above support with an uptrend in place. We had to try it 2 times today in order to get something out of the market. With the first setup long from $38.25 losing 13 ticks per contract, price did pull back into the support area but was not able to break it. a re-entry long followed from $38.26 that did get us a profit of $800 for the setup. 

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 June 010 2020:

 

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.