Hubert Senters here.
Let’s take a look at Crude Oil. Crude Oil is about to setup a potential slingshot trade. Now, if you don’t know what a slingshot trade is it’s pretty simple.
I’m going to give you the rule set right here is above the cloud. It was above the turning line and it was above the standard line.
And then what you’re going to look for here ladies and gentlemen is a pullback below the yellow right there and then you want to get really close and touch the purple line or go slightly below it.
And then you want to come back up and close above that yellow one which is going to be $73.87. Once it either trades through $73.87 or closes above it that’s a personal preference right there. You got to decide.
Are you the type of person that a trade do is good enough or does it have to be a close to it? And it’s 50/50.
Then you’re going to place a stop loss something you’re cool with on the risk side of things. Let’s just make one up here $70.68 to the down side and then you’ll look for targets to the high side.
The targets are always easier to do in my opinion. They’re fairly easy. I’m just going to go down here. Here we go low, high, higher low.
So you’d be long around $73.87. Stop would be around $70.68. Target would be $70, $80 and $86. Now, if you don’t have a futures account you can’t trade Crude Oil so trade USO or some other Crude type product that meres this really close and good enough to knock yourself out.
I’ve been invited to speak at the Wealth 365 online event. I’m going to be talking about How To Find Three Powerful Trading Setups With Only 3 Clicks of Your Mouse.
If that stuff interests you which you’ll probably does because you’re a freak like me and you’re kind of a little bit of a weirdo. First name, email address and optional telephone number.
Good luck. Hope it helps. See you on the next video.
Hubert.
