3. • Price is below 200 day moving average
• Price is below 20 day moving average
• Crude Oil is witnessing volatility contraction
with 5day ATR < 20day ATR
5. Intra Day Fundamentals
• Speculation prior to EIA report is that weekly supply
data due later in the session will show U.S. crude
inventories fell at a faster pace than expected last
week.
• American Petroleum Institute, an industry group, said
that U.S. crude inventories fell by 2.4 million barrels in
the week ended July 31, compared to expectations for
a decline of 1.6 million.
• Global oil production is outpacing demand following a
boom in U.S. shale oil production and after a decision
by the Organization of Petroleum Exporting Countries
last year not to cut production.
9. Review
• It was one good trade
• I was patient to offer liquidity which boosted my
ratios as I entered 4 ticks above my signal level
• I held this trade for approximate 212 minutes
• I followed my process to the letter with discipline.
Holding position for a longer time leads to
boredom which usually makes me do something
stupid so i am happy that I channeled my
boredom in someplace else.
• In next 90 days hopefully with confidence this
trade can be scaled up in position sizing.
