5 for 6 with a total profit of $730 In The trade room

The crude oil continued its tumble from yesterday’s close, selling off even more this morning prior to the U.S equities market opening. Knowing that the market will have to pullback at some point, we were not opposed to taking a long trade this morning. As traders take possible profits from yesterday’s shorts, it could certainly cause the market to rally (Identify Market Sentiment For Day Trading Futures). With a majority of the news events passed us, we waited patiently for a set-up this morning, can finally found a 2-step long that we could enter on at 9:36am EST. Our 2-step pattern set-up perfectly, allowing us to enter the market at a basis of 76.78, which proved to be a great entry price because we were able to take profits with all four of our contracts for +4 ticks (2 contracts) and +2 ticks (2 contracts) for a total of +12 ticks ($120).

With a possible change in the intraday trend this morning, we looked to once again enter the Crude Oil market long ( Crude Oil Futures Day Trading Video). After a brief pullback in price to the short side, we identified yet another 2-step long pattern forming in the market. With our price pattern near completion, we set our buy stop limit to be executed at 76.67. We were filled promptly at 9:46am EST and watched our technical indicators closely to see if price would show us any follow through. Unfortunately the follow through we were looking for occurred in the opposite direction and we were forced to take a full stop loss on our trade, for a total loss of -18 ticks (-$180).

Since our methodologies allow us to be extremely versatile in our trading approach, after taking our one loss of the day, we quickly reevaluated the market situation and began to look for a possible short side entry (Price Patterns Technical Analysis Futures Video). This occurred only a minute after our prior trade, and we were able to enter the market short at 9:47am EST. We had noticed that the market was slowly pulling back and saw a perfect Breaker price pattern to enter the market on. With a basis of 76.53, our change of trade direction seemed to definitely pay off as we were able to scale out of the trade with all three of our profit targets; for +4 ticks (2 contracts), +8 ticks and +4 ticks for a total of +20 ticks ($200).

Our next trade came just prior to the release of the U.S CB Consumer Confidence number; being released at 10:00am EST. The upcoming news though didn’t affect the Crude Oil market that much beforehand, and gave us a great opportunity to enter into the market once again. We seemed to learn our lesson from earlier on in the morning, because we were only taking short trades for the remainder of the morning (Scalping Futures Day Trading Video). At 9:56am EST we noticed that a great Breaker pattern was setting up for us, and so we waited for price action to give us an opportunity to enter the market. We entered the market with a basis of 76.35 and before we knew it, we had scaled completely out of our trade, giving us profits of +6 ticks (2 contracts), +8 ticks and +5 ticks for a total of +25 ticks ($250).

With more news being released at 10:30am EST, we made sure to be extremely picky when considering taking another trade. To our surprise though, the volume continued to give us possible trade set-ups into the late morning hours (3 Key Components To A Day Trading System Video). We finally saw a price pattern we could enter the market on at 11:11am EST. With our Breaker short pattern setting up perfectly, we entered the market at 75.95; price soon sold off even more as large sell orders scrolled across the ticker tape, allowing us to scale out of our trade with two of our three profit targets. This gave us a total profit of +4 ticks (2 contracts) and +1 tick (2 contracts), for a total of +10 ticks ($100).