Good morning Trader,
With so much economic data and news coming out this week oil is the most attractive market to watch in my opinion. This week we have Fed chair J Powell testimony along with the FOMC minutes. We also have the EIA report today. All of this news and data can affect the market one way or the other. In my opinion trying to trade the news or data is any easy to way to lose money and run your account in the RED !
Oil is setting up to breakout I’ll be watching closely to see if oil can trade above 59.25. I’ll be looking for a confirmation of trend to get long above 59.37 to 59.85 ish. I think if we get this high you should expect 60.01 to be the next resistance level if broken the next target should be 60.15 roughly. I will not chase the uptrend it if it goes above 60.15. Any entries above 60.15 don’t provide me with a statistical edge in the market, those trades at face value aren’t for me.I’ll explain in detail to those of you in the trading sessions today. But for those of you who like to put on more risk I see resistance at 60.64 and then if broken 61.03. If 61.03 is traded through we could possibly see 62.78. If this happens this would be a good actionable day in the oil market. So be on the lookout.
If you’re a bear in this market you could see oil trading back inside of yesterdays range with an aggressive entry below 58.04 or I could try cutting your size and looking for an entry 57.97 down to 57.61 and then 57.49 If we trade below 57.49 and the bears can hold the momentum of trend expect us to trade down to 56.03. Now I do have some targets before that but I believe the end of day targets could be 57.49 and 56.03.
Coming soon I’ll be allowing members to track my to track my daily P&L and active trades. Please let me if you’re interested in seeing this and having exclusive access to it.
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If you’re in the trading boot camp this week ? Great job so far !!
Lets continue to push forward we have a lot of work to do !
Have a great trading day !