CL Crude futures:
Great day trading, took some losses in other instruments, then waited on the DOE inventories report, which reported a massive of beat on expectations. The forecast was for a draw of -2.283M and the actual was a draw of -6.299M. The rest of the data drop showed draws across the board (listed below).
|6:00||USD||Crude Oil Inventories||-6.299M||-2.283M||0.118M|
|16:00||USD||Crude Oil Imports||-0.514M||0.129M|
|16:00||USD||Cushing Crude Oil Inventories||-1.334M||-0.297M|
|16:00||USD||Distillate Fuel Production||-0.144M||-0.007M|
|16:00||USD||EIA Weekly Distillates Stocks||-1.850M||0.217M||-0.223M|
|16:00||USD||Heating Oil Stockpiles||-0.066M||0.078M|
I took the long out the gate soon as I was clear that the data supported the long, my target was R1, then traded the pull back averaging in towards 46 hanle and taking quick profits on any ticks to the upside, market looked a little heavy with most of the trade finishing within the first 15 minutes of Doe release, I had targets for a retest of R1, it didn’t happen. You can see my exits were well timed off the pull back as we sold of 1% overnight to trade below 45 again.
Overall happy with the trade, the second entry was risky as I entered in to early, should have waited a little longer to get a better entry at 46 handle, would have made a cleaner trade.