crude oil inventories

Crude Oil Inventories 17 JUNE 2020

The forecast for this weeks crude oil inventories was 0.0M and the actual outcome was 1.2M 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 followed our trading plan and entered the first setup long from $38.28 giving us some troubles at $38.50 where it eventually did turn to the down side, we where only able to profit $600 from the trade setup. A break of the support area followed and we could eventually take the only setup short going into $38 but getting into troubles and ending up with a break even trade.

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 17 2020:

 

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Hope this helps,

Alexander Soares


Also published on Medium.