This morning we made profit selling short on Crude Oil after our morning prep identified a bearish trend on the anchor chart.
If you read our day trading blog this morning at 7:30am EST when we post the morning prep each morning you saw the same thing we used to make profit in the Live Trade Room today.
In today’s video I will show you how we used the morning prep to create a game plan for the trading session and then we waited patiently for our trading opportunities to come to us.
|Crude Oil Anchor Chart|
The first step of this process was to analyze the anchor chart, which is a slower chart timeframe that has one job, to define the long-term-trend. We want to trade with the trend as much as possible. Although there are plenty of ways to make money trading counter-trend, we always see the EASY MONEY come from our trend-following positions, so we like to use those as often as possible.
|Crude Oil Entry Chart|
The second step in this process is to use the entry chart to find the entry patterns that go with the direction of this long-term-trend from the anchor chart. You will quickly see that when you combine the anchor and the entry charts into your day trading plan you will soon have more confidence in your trading because you won’t be worried about losses as much.
Today was an excellent example of how we used our morning prep to tell us what the game plan was for today, and then we used a simple combination of chart timeframes to find the long-term-trend and then trade in the direction of that trend.
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