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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday August 24, 2016
Hello Traders,
Greetings!
Tomorrow, like almost every Wednesday, we will have EIA report at 9:30 AM Central Time. This report definitely moves the energy sector, crude oil, heating oil and unleaded gas.
The one I follow the most, as I feel it is suitable for day trading is Crude oil. I have shared many of my observations about trading crude on this blog before. Today I want to talk specifically about the report.
Two main ways in my opinion to trade the report:
- Don’t trade it…Get out 5 minutes before and wait 5-10 minutes after the smoke clears before you resume trading.
- Be flat before the report and place limit orders with corresponding stops and profit targets to buy low and/ or sell high. Perhaps look at bollinger bands on the 15 minute chart and use sell and buy limits around the extreme. If you brave enough , have enough risk capital and experience to go about it, make sure you have stops attached to these limit orders as the market can move very FAST. Not just that, you can also expect slippage. That being said, I have seen crude oil make some extreme moves right on the number only to come back either way before making another extreme move…If you looking to try this I HIGHLY recommend to use a demo account first and see how it goes. Don’t jump in with real money just because you read about it somewhere….( here in this case).
Below you will see 10 seconds chart for last Wednesday to give somewhat of an example, followed by the 15 minute chart below.
Continue reading “Trading Crude Oil Futures on EIA Report Time 8.24.2016”
