$CL_F: Oil trend is up, could continueI've got an exciting trading opportunity lined up in the Crude oil futures market. If the price manages to break above $82.14 on Monday, it could signal a promising long entry. This could be a chance to ride the upward momentum and potentially reap substantial gains. Keep a close eye on the market's movement as Monday unfolds.
In case things go as planned and the trade is triggered, here's the strategy: set your stop loss at $78.06 to protect against unexpected downturns. On the upside, aim for a take profit price of $87.80. We're looking to hit this target before the market closes on September 14th. The time frame offers an exciting window of opportunity to capture a strong potential profit.
Remember, trading involves calculated risks. If the stop loss isn't hit before September 14th, you close the trade manually at whatever price it is then. If the target is hit at any point between the entry time and the close of Sep 14th consider exiting 75% of the position. And to play it safe, adjust your stop loss to match your long entry price. This way, you're securing gains and minimizing potential losses to keep a risk free trade going.
Remember to either use AMEX:USO or front month futures for this (you could use the continuous futures chart for alerts, and trade AMEX:USO based on the cues given by it, or even use options on futures or on AMEX:USO itself). Never risk more than 1-2% on a given trade if the setup fails and you're stopped out or your options expire worthless.
Cheers,
Ivan Labrie.