September 14, 2012
- in Uncategorized by schooloftrade
+130 ticks Trading Crude Oil and Euro Futures using Price-Reversal & Trend-Continuation Strategy
 |
| Joseph’s Trades Today |
This morning was Friday, which means we knew that time was not on our side. We did, however, know that there was a TON of big news on the calendar this morning, so we were very excited to get started. We began the day early at 8:30am EST with Retail Sales, followed by Industrial Production which came out much lower than expected. Read the Full Report for Today here.
 |
| Crude Oil Short off the Highs |
When we saw Industrial Production come out lower then estimates, Crude Oil was at the highs of its range, running head-on into major resistance from the 89Range chart’s bearish AB=CD Pattern. Bottom line, we had major resistance at the highs and the news was bearish. I don’t need the news to tell me to sell the highs, but when economic news confirms a technical pattern to sell I’m a fool for not taking the short. We sold crude oil futures twice at the highs. The first trade went for a few ticks, only to trigger my stop-loss at my point of entry. The second trade was the big winner, went for over 50 ticks of profit. Not bad for the first few minutes of the US morning session.
———————————————————-
Read the Complete Trade Room Recap HERE
