Today was a fairly tough day to trade early on and I expected the market to break higher for various reasons as pointed out in the live trading room, suggesting that the market would look for the next Continue reading
Today was a trend reversal day in crude oil. These days can be challenging because you have a trend that is going against the larger trend. As more and more higher time frame players are forced to cover their shorts, and new buyers come in, a trend can resume.
Typically as this occurs the market will be trading into Continue reading
I have mentioned we have some real super star traders in the Oil Trading Room. After predicting the low yesterday to the tick myself, I asked the room again today to put in their numbers for today's low. Kudos to both Jack and Mike from Chicago who called it perfectly to the tick at 91.15 on the November contract. Having guys of this caliber in the room is a privilege!
Some of the highlights in the room today were trading into the Continue reading
Trading into reports can be hazardous to your trading account health and often it is best to stay on the side lines and wait for the best situations to trade into. In fact often the best trading ability is demonstrated by your ability to not trade when it is the wrong time and pattern. This is where the room can help out a lot because we have very experienced traders in the room who can help with this. Continue reading
This morning was a bit strange as CL patterning goes in our live trading room. We had a very narrow overnight range and tight ranges are often followed by range expansion. The market made a strong run higher off the open with little or no retracements and this kept Continue reading
Room members asked me to post the charts so they can help to identify patterns for the room but this post is not just for members. Take a good look at the trades on these charts (below) and leave your comments below.
If you are not benefiting from the room now, perhaps these charts will help you to see just how much of a huge opportunity our room provides for Continue reading
I typically like to trade in the mornings. That is often where most of the days action is. Often the opening range that occurs in the first 30 min or so is not broken out of for hours following. Today this was certainly the case. It took 1.5 hours to break out of the Continue reading