Early Profits Led To A Scratch Session
- Anthony Speciale
- Jun 25, 2024
- 4 min read
Hey Trader,
Finding Strength in Faith and Trading
I hope this message finds you well and thriving in your trading journey.
As we navigate the challenges and opportunities of the trading world, it's essential to remember that our success isn't solely dependent on market trends and strategies.
It also lies in the strength of our beliefs and the confidence we hold in our abilities.
"For it is with your heart that you believe and are justified, and it is with your mouth that you profess your faith and are saved." - Romans 10:10
This powerful verse reminds us that true conviction begins in the heart.
When we believe in ourselves & our strategies wholeheartedly, we are justified in our actions.
By professing our faith—whether in our trading plans or our personal growth—we pave the way for success and salvation from doubt and fear.
Just as faith guides us in life, let it also guide you in your trading.
Trust in your skills, believe in your analysis, and stay committed to your goals.
By doing so, you not only strengthen your trading strategies but also reinforce the foundation of your success.
Wishing you unwavering faith and prosperous trades!
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
Early Profits Led To A Scratch Session
Welcome to today's LIVE market recap. I'm Anthony from Speciale Analysis, and I hope you're having a great day.
Today, I'd like to walk you through my trading approach this morning with a focus on crude oil.
This will give you insights into how I navigate the market, make decisions, and manage trades, which can be highly beneficial for retail traders.
Early Morning Setup and Market Analysis
This morning, crude oil showed some stagnation after reaching overnight highs.
Around 7:05 AM, I identified some trapped buyers, which created an opportunity for a downside push.
As we came back to these levels, more trapped buyers were evident in subsequent candles. This situation set the stage for my trading strategy.
At roughly 81.20, I anticipated a move down to 81.00, with a secondary target at 80.85.
The initial target of 81.00 was hit smoothly.
However, instead of taking full profit at this point, I decided to hold a portion of my position, expecting further downside movement.
I got short at 81.20 and managed to capture 20 ticks as the price hit 81.00, covering a significant portion of my trade there.
However, the price bounced back to my entry point.
My stop was placed slightly above this level, and I decided to let it ride, hoping the market would push down to my secondary target.
Unfortunately, this didn't happen, and I was stopped out on the remaining position.
Market Conditions and Adjustments
After covering most of my trade at 81.00, the market started to chop higher.
We faced resistance at prior high wicks, particularly around 81.73 - 81.90, with some failures to break through.
This chop was reflective of a typical summer Tuesday morning—range-bound and lacking clear momentum.
Throughout the morning, we saw the Nasdaq attempting to gain strength and the S&P trying to break out of its range.
However, both markets remained constrained. The S&P barely broke its ranging prices, and gold also stayed range-bound, making it a challenging environment for traders.
Reflecting on the Trading Day
Despite the market conditions, I managed to walk away with a small profit, essentially a scratch day.
The key takeaway here is that sometimes, it's best to close trades and walk away unscathed if the market isn't moving in your favor.
While hindsight is always 20/20, and I could have taken full profit at 81.00, what matters is the decision made in real time.
Trading isn't always about hitting home runs.
It's about managing risk, making informed decisions, and knowing when to step back.
This morning's session taught me the importance of being adaptable and not getting too attached to a particular outcome.
For the rest of the day, if crude oil manages to break through the prior highs, we might test the overnight highs around 81.90.
The Nasdaq and S&P also have potential to move higher if they can break out of their respective ranges.
As always, I will monitor these markets closely and adjust my strategies as needed.
If you found this recap insightful and want to learn more about professional trading strategies, I invite you to join the Speciale Analysis Family of Traders.
In these Daily LIVE Sessions, we'll dive deeper into the relationship between volume and price action, and how you can use these insights to improve your trading performance.
Let's take your trading skills to the next level together.
God bless, and have a wonderful day. See you in tomorrow's recap.
If you have any questions or need further guidance, feel free to reach out. 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
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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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