Daily LIVE Futures Analysis Room Recap + My Personal Trades: 7/24/24
- Anthony Speciale
- Jul 24, 2024
- 4 min read
Hey Trader,
Embracing Humility and Integrity in Your Trading Journey
I hope this email finds you well. As you navigate the intricate world of trading, I wanted to share a verse that highlights the importance of humility and integrity:
"Do not be wise in your own eyes; fear the Lord and shun evil. This will bring health to your body and nourishment to your bones."
Proverbs 3:7-8
In the fast-paced and competitive environment of trading, it can be tempting to rely solely on our own understanding and judgment.
This verse reminds us to embrace humility, seek higher guidance, and shun unethical practices. By doing so, we not only ensure our integrity but also promote our well-being and long-term success.
Let this verse inspire you to approach your trading journey with a humble and ethical mindset. Trust in a higher wisdom and make decisions that align with your values.
By maintaining integrity and humility, you will foster a healthier and more sustainable trading practice. Wishing you health, integrity, and success in all your trading endeavors!
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
Daily LIVE Futures Analysis Room Recap + My Personal Trades: 7/24/24
Anthony here from Speciale Analysis. I hope you're all having a wonderful day.
Today, I want to share how I tackled the crude oil market this morning and provide some insights into my trading approach.
Let's dive into the details of today's trade and the thought process behind it.
Early Morning Observations
This morning started off early for me, with my initial trade entered at 8:30 AM.
As we navigate through the opening bell, it's now 9:34 AM, and I'm observing the market's opening range formation.
With several economic numbers set to release at 9:45 AM and 10:00 AM, along with the Crude Iil inventory reports at 10:30 AM, it's crucial to approach the market strategicly.
Identifying the Setup
Today's market presented some interesting movements.
We saw some pushes to the downside on the NASDAQ and S&P, which rotated off of a NASDAQ pivot during the pre-market.
For Gold, it was a battle to surpass the earlier session highs without much success.
The market popped above these highs only to fall back quickly.
However, Crude Oil offered a fairly predictable setup.
Crude Oil put in a high at the 78.02 resistance level and followed with a predictable lower high at 8:30 AM.
The first high was around 8:00 AM, and the lower high was formed shortly after.
The evidence surrounding this scenario is what set the stage for my trade...
Execution and Strategy
At 8:30 AM, I informed my clients that if crude oil couldn't close above 77.95, there was a strong chance it would fall back towards prior session highs and even the VWAP's (Volume Weighted Average Price).
This analysis was based on the evidence suggesting that the lower high placed at 8:30 AM could lead to a downward movement.
As the market progressed lower, it became evident that this was the case. Pushing through he 8:20 AM low confirmed our prediction, and we saw crude oil drifting lower.
The top chart showed the 4-hr. and session VWAP along with the 77.60 support level.
Whether the market would break below this support was still uncertain, especially with the upcoming inventory report.
Managing the Trade
On Wednesdays, with the inventory report looming, I prefer to complete my trades before the report release.
Holding a position into an inventory report can be risky and volatile, and I'm not interested in fighting the market during these times.
This morning's trade was a textbook example of identifying a highly predictable high and lower high. My target was the 77.60 support level residing between the VWAP's.
However, I took partial profit at 77.70 to secure gains and minimize risk.
This decision locked in 17 ticks on half of my position.
As I advanced my stop, I was cautious of the market potentially pushing against me, especially with the 9:00 AM Crude Oil official open getting volatile.
While I didn't reach the full target, I secured profits and managed my risk effectively.
This conservative approach aligns with my trading philosophy: low risk, high probability.
Stay informed, stay focused and stay disciplined ! ! !
Thank you for reading, and I look forward to seeing you in our next session . . .
God bless, and have a wonderful day!
If you have any questions or need further guidance, please don't hesitate . . . info@specialeanalysis.com May the markets be ever in your favor!
Happy Trading,
Speciale Analysis
About the Author:
Anthony Speciale is a seasoned market analyst with over 13 years of experience trading. Through his platform, Speciale Analysis, he offers in-depth market analysis, interpretation, and expectations designed to help all types of traders, at every skill levels reach their full potential.
Analysis, Interpretation & Expectations
Day, Swing & Position Trade Analysis
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NOTE: Trading involves significant risk, and it's essential to approach it with a well-defined strategy and a disciplined mindset. This blog post is intended for educational purposes and should not be considered financial advice. Always conduct your own research and consult with a professional before making an financial decisions. For further risk related information, please refer to: www.specialeanalysis.com/disclaimer
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