On Wednesday 10/14 – I got short DEC-20 WTI Crude Oil @ 41.30. Although this trade took longer than I was expecting initially we finally hit my target @ 39.50 (profit of $1,800 per contract) after the futures reopened last night. The day after we entered this trade we got as low as 39.52 on 10/15 but never filled my target and then retraced higher following the EIA inventory report. My resistance level that we set our stop-loss above was never tested so great job to all who both participated in this trade with me and also held strong by holding our short position. Crude oil now is trading around 38.60 as I type this update with a low of 38.28 on today’s session. The main driver of this overnight selloff is due to increasing COVID-19 cases over the weekend and new tightening restrictions here in the US. Libya has also added to this downward pressure saying its oil output could soon top 1 million barrels as it comes back online. I recommended the following trade on 10/14:
SOLD GCLZ20 @ 41.30
BOUGHT GCLZ20 @ 39.50 ($1,800 profit per contract)
*Risk/reward are calculated before commissions and fees*
Call me if you would like to review this trade – 312-706-7639.
30 MIN CL – Short Position Update
DAILY CL – Short Position Update
Jace Jarboe | Futures & Options Broker:
Find More Opportunities in Crude Oil Futures Like This One
This is an example of one specific trade, but navigating today’s markets can be tough for new and experienced traders alike. If you’re actively trading futures and are looking for the insight, education, and empowerment to make better trades, join the Jarboe Trading Journal for the guidance you need. In the meantime, download my free Introduction to Oil and Gas Futures guide to expand your knowledge of the energy futures markets and prepare for the next opportunity.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved