Yesterday’s CL session chart depicts a classic scalper’s tape. No trend, no sustained direction…just numerous v-turned swings and momentum spikes. By contrast the stock index futures charts were a smooth uptrend all day as traders took advantage of those trapped short inside the NYSE symbols that were halted for trading. This happens every time a stock exchange has issues: continuous grind upwards until whatever is broken resumes trading.
Short-Term, Quick Gains
The mode of trading I am comfortably settled into centers around fast charts, trading directional strength (long or short) and cutting losses small and booking acceptable gains asap.
For crude oil trading, that involves three major timeframe periods for you to choose from: 3am thru 9am est, 9am thru 11:30am est, 1:00pm thru 2:30pm est. My own choice of targeted timeframes is focused inside the 9am – 11:30am slot with occasional work earlier and later.
Work hard, focus intensely, capture potential when offered, reach success limits asap. Simple as that. I look forward to repeating that process on a daily basis with you, and all other serious traders too.
For more daily updates from Austin, visit his blog at Coiled Markets.