my crude oil day trading strategy (wti)

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.

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

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

Weekly EIA oil storage report expected today in the afternoon

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

Price didn't fall for long before reversing upwards and hitting SL

SELL 8093

SL 8145

The CME exchange is about to open but the sell signal showed up a bit early so I took it

Covered my short for $30 profit, trade closed.

Price kept dropping after i exited with my profit

great work, I like that you show the chart after you exit a trade as this helps for future reference.

BUY 8, 138

SL 8,107

CME exchange opens by 2:30 pm UTC+1 but early trading is taking place, I have opened a buy trade at 8.138

Oil trade in $50 profit

Stopped out at break even

Bought oil yesterday at the start of New York session, reason for buy was fundamental- the US/Iran war. The trade is still open

Oil trade still running for days now I have adjusted SL to secure $435

One thing I like about trading oil is that it can maintain a trend for days esp when there is conflict

Energy trading is really profitable and oil is quite accessible in terms of spreads