Crude Oil Inventory Day is a special trade session for those of us trading Crude Oil Futures. Our tradeplan is different from the other 4 sessions each week. We take the first trade of the day beginning at 8:50 est. Win or lose, we stop after that. Then, 2 minutes after the Inventory Report, we resume trading and will quit with our usual ‘power of quitting’ goal strategy; we need two winners, one of which must be a full target AND a positive result. Then we quit. We have been very consistent getting profitable results with this approach and we keep making new equity highs on a regular basis.
Today was a session that was practically made to order for us. We got into our first trade of the day, about 10 minutes after our start time. It almost went the distance but remaining disciplined, we stuck to our rules and had to exit the trade with a tiny gain. Then, two minutes after the report, we got in sync with a short trade that was breaking to new swing lows. That trade looked like it was going to go and our stop moved down, reducing the risk considerably.
Then the market did an about face and started moving upward. In fact, it was the beginning of a long move up with no looking back. SST flipped us around and got us into the long trade just in the nick of time. We were able to scale in with additional positions and both the original reversal trade and the add-on position zoomed to full target while our trailing positions picked up even more. After that, we were done, with our ‘power of quitting’ goals delivering the goods, yet again. check out the chart for the trade setups.