Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
Trading positions
- Henry Hub Natural Gas No new position justified on a risk/reward point of view.
- RBOB Gasoline No new position justified on a risk/reward point of view.
- WTI Crude Oil [CLX2022] Short around the $ 92.36-95.30 area (yellow band) with stop at $ 97.91 and targets at $ 87.08, $ 91.79 & $ 77.96.
- Brent Crude Oil No new position justified on a risk/reward point of view.
Regarding risk management, it is always best to define your strategy according to your own risk profile. For some guidance on trade management, read one of my articles on that topic.
For some guidance on risk management in a more dynamic dimension, while managing multiple contracts, I invite you to read an article I wrote on how to spread risk for a trade.
WTI Crude Oil (CLX22) Futures (November contract, daily charts by chronologic order)
WTI Crude Oil (CLX22) Futures (November contract, 4H charts by chronologic order)
Following my trade entry on Monday Oct10 at $ 92.50, I was yesterday dragging down my stop at $ 91.16 to secure some profits. The next level where I was dragging it down was $ 90.47, following a further price drop once CL’s price went below $ 88.46, shortly after I published yesterday’s trade update. The first target of $ 87.08 just got hit as the black gold lift is now going down! Please remember the step by re-adjusting your stop for other contracts at the new $ 89.01 price level, so you will not give away most of the remaining profits in case of a strong rebound.
That’s all, folks, for today – Happy trading!
As always, we’ll keep you, our subscribers well informed.
Thank you.
Sebastien Bischeri
Oil & Gas Trading Strategist
