Preparing Your Charts Prior to The News Release Provides A Huge Edge To Trading The Oil Weekly Inventory Report.
Even if I am wrong or make data entry mistakes, I can still have a chance to recover and close the day with a postive trade.
Initially, I made several mistakes with oil including waiting after the signals alerted to go long. Then, when the system alerted to short, I also waited. By the time I entered the short, price action was bouncing. So, closed the trade and entered the long recouping the loss and coming up wit ha profit.
In reality, my mistake was not paying attention to the chart details. The two pivot points were at 68.25 area. That was tested and then it bounced quickly.
As I managed my poor entry, I lost track of the big opportunity with /ES and missed a 24 point move on that one. I only captured a fraction of the initial move, but zero of the bounce from the pivot $2820 which I had posted on my charts prior to the move as the buy point. (For Details on /ES)
