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my crude oil day trading strategy (wti)

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@yokoyi - 2 days ago - Forex Trading Strategies

Crude Oil is one of the most profitable instruments on the market as reported by several brokers. The spreads are also not too high and most brokers offer micro lot crude oil trading. Here, I will be showing my crude oil day trading strategy for West Texas Intermediate (WTI) crude specifically.

I will be trading during the New York session only because this is when the exchanges where crude oil futures are traded open for business. Crude oil price is affected my news events and EIA oil inventory data so these will be the cornerstone of the strategy I will be sharing. PS: I have created a different thread where I post the weekly EIA oil storage data.

RULES OF THE THREAD

1. You are free to ask questions

2. Do not post unrelated content on this thread

3. Do not post any ICT related stuff here because I believe it doesn't work

4. You can post any fundamental news event that is related to the oil market here

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@yokoyi - 2 days ago

STRATEGY 1

I have 3 different strategies for trading WTI crude oil. First one is the the gap-trading strategy where I trade towards gaps created over the weekend. Its a fairly simple strategy but gaps don't appear always so I don't use it much.

From the attached image, price opened on Sunday with a weekend gap which i encircled. When I saw the gap this morning, i decided to sell towards it. Now, this gap strategy is risky because it usually requires a wide stop loss.

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@yokoyi - 2 days ago

STRATEGY 2

My second strategy is the EIA oil storage report trading strategy, so basically I wait for the report to be released (it is released weekly) and after studying the report it will inform my decision to go long or short.

In the attached screenshot the July 8 EIA storage data came out showing more barrels of oil were pushed into storage meaning there was lower demand for oil so the price could be expected to fall (if all things being equal). This meant shorting oil would have been the way to go for me

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@yokoyi - 2 days ago

STRATEGY 3

My third strategy (this one is for day trading oil) is to trade either the PRE-CME exchange hour (1 - 2:30 pm) or wait for price to breakout of the pre-hour and trade accordingly.

From the screenshot price broke out of the PRE-CME open hour and started reversing prompting me to sell.

By PRE-CME is mean the hour before the Chicago Mercantile Exchange opens for normal trading.

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@yokoyi - 1 day ago
Quoted - yokoyi

STRATEGY 3

My third strategy (this one is for day trading oil) is to trade either the PRE-CME exchange hour (1 - 2:30 pm) or wait for price to breakout of the pre-hour and trade accordingly.

From the screenshot price broke out of the PRE-CME open hour and started reversing prompting me to sell.

By PRE-CME is mean the hour before the Chicago Mercantile Exchange opens for normal trading.

Oil price just skyrocketed due to us/Iran war tensions. I was long yesterday on WTI but I closed it early

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@yokoyi - 14 hours ago

Weekly EIA oil storage report expected today in the afternoon

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@yokoyi - 8 hours ago
Quoted - yokoyi

Weekly EIA oil storage report expected today in the afternoon

EIA US crude oil storage report came in bearish so I have gone short

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@yokoyi - 8 hours ago
Quoted - yokoyi

EIA US crude oil storage report came in bearish so I have gone short

Trade in progress, while i didn't use an SL I funded my account with just the amount of money I am ready to lose. if you cant do same, then place your SL at the top of the blue box around 79.954

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