Counter Trend Scalp For October WTI Crude Oil Futures
Following Thursday’s moderate retracement, the sky has been the limit for October WTI crude oil futures. Since the traditional New York pit open at 9:00 AM EST, prices have risen more than $.50.
The Trade
Counter-trend scalps beneath $70.00 are likely to produce positive price action. Sells from $69.92 with an initial stop at $70.01 produce 5-8 quick ticks.
This is a counter-trend play, so the risk profile is a bit greater than usual. The goal of the scalp is immediate and positive price action. Be sure to have the stop loss in the queue at $70.01 before the trade is taken.
The Trade
Counter-trend scalps beneath $70.00 are likely to produce positive price action. Sells from $69.92 with an initial stop at $70.01 produce 5-8 quick ticks.
This is a counter-trend play, so the risk profile is a bit greater than usual. The goal of the scalp is immediate and positive price action. Be sure to have the stop loss in the queue at $70.01 before the trade is taken.