Feb Crude Oil – 60 Min Chart 1-10-18
Breakdown of Today’s Update
Published 1/10/17 9:15 am central:
Yesterday (1/9/18), we got long the Feb Crude market @ 62.00 (image below of chart). As we pointed out yesterday, we had a bullish scanner on all 4-time frames and we were playing a long entry on a pullback to the 60 min top box.
After we were filled on our entry, we traded sideways for a short period and then to break higher. We were looking for new highs to be established and then challenge the $63.00 level.
Instead of just getting out at a round number, (which many traders arbitrarily due. Get out early when they see any type of winner on their hands “gut feeling”). I reiterated the fact that we had bullish confirmation longer-term time frames and that we should be looking/waiting for new 60 min levels to form in order to trail our risk. If you were holding multi-lots I agree with paying yourself for partial positions along the way to turn a trade into a risk-free scenario. Or if you do not have enough margin to hold a trade overnight, I will excuse you on that, but you still should be trailing risk below smaller time frames and attempt to squeeze out all you can. There will be times that we will give profits back and or scratch out of these trades, but other times you will be in a position that can double, triple, or even quadruple that amount. We saw this recently with copper, gold, other crude trades and many of the long equity trades.
- 1/9/18 – Long @ $62.00
- 1/10/18 – market @ 63.37 + 1.37 $1370 before fees per contract ( session high @ 63.67 +$1670
- Risk – Trail below bottom box @ 62.91 zone
Trade Entry from 1/9/18
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