Scalping The Daily SMA In September WTI Crude Oil
The U.S. session has opened with fireworks out of the crude oil markets. Since the traditional New York crude oil “pit” open at 9:00 AM EST, traders have driven the price of WTI north by almost $2.00. At press time, price is testing the $69.00 level.
The intraday uptrend is explosive, so keep leverage moderate. Here is a scalp setup from a short-term daily Moving average and the $70.00 level:
1) Entry: Sell $69.91
2) Stop Loss: $70.02
3) Profit Target: 8-12 ticks
4) Risk vs Reward: Sub-1/1
This trade may come into play later in the session. Immediate and positive price action is the goal here.
The intraday uptrend is explosive, so keep leverage moderate. Here is a scalp setup from a short-term daily Moving average and the $70.00 level:
1) Entry: Sell $69.91
2) Stop Loss: $70.02
3) Profit Target: 8-12 ticks
4) Risk vs Reward: Sub-1/1
This trade may come into play later in the session. Immediate and positive price action is the goal here.