Trade Review Summary
- 4 trades in total.
- Dow Jones long/short US30 x 3
- US OIL short x 1
- Positive day, best day yet with minimal trading in only two products.
- News: US EOD Crude Inventories, US home sales.
- Mixed Data, US output rose, however draw in inventories. Housing sales increased.
WTI Crude x 1 contract
- Type: Trend Play – bearish trend continuation
- Entry: Pivot
- Target: 43 handle
- Data: EOD crude inventories
- RiskReward: 4:1
- Summary: Tried the short before the data in the hopes that the market would drive it down, or that i could take profit mid range on pre positioning. It didnt work out, I ended up getting chopped around and eventually went flat before data slightly negative. I didn’t trade the inventory numbers even though it spiked to my strategy planned entry at R1. Looking back the data was mixed and that spike would have been perfect to short at R1 resistance. Instead I stayed out contemplating a short around pivot. Ran Squawk dropped some news that OPEC member states would not agree to deepen output cuts, I saw some sellers stepping in and took the short off the news. I covered at 43.400 on USOIL CFDs as the market looked supported at the level. As I was already negative in the product I decided to take what I could from the move to put my account back in positive territory for the day.
Dow Jones – US30 trade x 1 contract
- Type: Range Play, bullish trend continuation
- Entry: S1
- Target: Pivot or mid range
- Exit: Mid range, orderflow looked heavy to the downside, WTI sold off.
- RiskReward: 2:1
- Summary: Initially flattened my first entry long (less than optimal entry to much risk to the stop, so took a small loss), entered again at better pricing took profit mid range.
- Type: Aggressive Entry Short
- Entry: Break S1
- Target: S2
- Exit: we broke a significant level at s2, so decided to hold rather than cover. Moving my stop to above s2. The dow retraced and hit my stop.
- Summary: Dow broke lower as oil broke down, SnP500 and NQ fell off their highs at the same time. I hoped for futher downside as we traded through S2, however, it retraced the entire move hitting my stop after I locked in profit above S2.
Notes: banked a quick scalp of volatility as we traded back above S1.
Disclaimer: There is substantial risk in trading. A loss incurred in connection with futures trading be significant. Target Alpha Trading makes no claims whatsoever regarding passed or future performance. Any Strategy is for educational purposes only.