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)
WTI Crude Oil (CLX22) Futures (November contract, 4H charts)
Following my trade entry yesterday at $92.50, I am now dragging down my stop at $91.16 to secure some profits. The next level I will drag it down to is $90.47, but first I will wait for a further price drop, such as when CL price falls below $88.46 (the previous candle low on the 4H chart), or I will use the usual method (which provides an equivalent level) here.
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
