crude oil inventories

CRUDE OIL INVENTORIES

The forecast for this weeks crude oil inventories was -2.7M and the actual outcome was -12.8M giving us a big difference between the forecast. After the release we could see big movement to the up side and we got Support and resistance confirmed with an eventually break of the support area. It was time to look for a the only short setup for the session, short from $59.58 for a small win of $610 for the day. 

During this event you could learn something very interesting for today. If we look at the crude oil inventories release for today, -12.8M, you would expect price to go up and it was exactly what happened right after the release. If you know how I trade, I trade price action, you will know that I always wait for an established support or resistance area in order to get direction in place. For today price managed to break support so the direction for today was down and not up like the numbers suggested and we only could make some money shorting the market for today. Remember that I´am not gambling here, yes you could have made some money with a long setup right at the event but that for me is a pure gamble and not my bread and butter. This is a great example that reading price action will always be in favor of predicting a price movement based on some numbers! 

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.

OPEC MEETING

The crude oil market has been a little bit nerves lately giving us small moves with most of the investors waiting for the OPEC Meeting that was schedule for yesterday but rescheduled for next Monday July 1 and 2 but a possible rescheduling to July 10, 11 or 12 is still on the table. Lets hope for the best for next Monday for some wild swings and probably great opportunities to make some big money on the day.

Live trades taken in the Live trading room on Wednesday June 19th 2019:

I continue to post the live day trading videos on my Youtube Channel where you can find more live trades from the last 4 years, all taken live in our Live Trading Room.

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Hope this helps,

Alexander Soares


Also published on Medium.