Scalping The Daily SMA In September WTI Crude Oil Short

NYMEX:CLU20181D

Crude Oil Futures (Sep 2018)NYMEX

Description

⋅ Jul 19, 2018 2:40 PM

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.