Hey Trader,
Embracing Grace, Love, and Fellowship in Your Trading Journey
As you continue to navigate the dynamic world of trading, I wanted to share a verse that encapsulates the blessings of grace, love, and fellowship:
"May the grace of the Lord Jesus Christ, and the love of God, and the fellowship of the Holy Spirit be with you all."
2 Corinthians 13:14
In the fast-paced and often challenging environment of trading, it's important to remember the deeper sources of support and inspiration. This verse reminds us of the grace, love, and fellowship that are always available to us.
These blessings can guide us, uplift us, and keep us connected to what truly matters.
Let this verse inspire you to approach your trading journey with a heart full of grace, love, and a sense of community. Embrace the support around you and stay grounded in the values that lead to lasting success and fulfillment.
Wishing you grace, love, fellowship, 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: 7/29/24
Anthony here from Speciale Analysis, and I hope you're all having a fantastic day.
Today, I'm going to walk you through my trading journey with crude oil, detailing each trade and the thought process behind them.
Whether you're a seasoned trader or just starting out, there's something valuable for everyone. Let's dive in...
Starting the Day with Confidence
Coming off a successful week without any losses, I entered the market this morning with high confidence. It's important to note that confidence can sometimes lead to aggression, but as long as you stick to your trade plan, it's manageable.
At around 7:05 AM, I identified a resistance level at $76.80. Believing that price wouldn't successfully push above this level, I took a short position and started taking profit at $76.55.
Although the price fell slightly short of the $76.50 target, I covered half my position and got stopped out, securing a small profit.
Trade Details: 25 Contracts, Short Entry @ $76.67, Cover 10 @ $76.55 = $1,200, Stopped 15 @ $76.69 = $300
GAIN: $1,500 - Fees
A Humbling Stop Out
Shortly after, I encountered a deeper pullback and took another short position. This time, I was less fortunate and experienced a full stop out.
This loss was a quick reality check, but it didn't deter me. The key to successful trading is sticking to your plan and not letting emotions dictate your actions.
Trade Details: 20 Contracts, Short Entry @ $76.80, Stopped 20 @ $76.95 = -$3,000
LOSS: -$3,000 + Fees
Regaining Ground
By 9:20 AM, the market presented another opportunity as it aggressively broke above a prior resistance area. I took a long position, sold half as we reached the prior high, and got stopped out as the price pulled back.
This move looked like a potential double top, a formation that I was closely monitoring.
Trade Details: 20 Contracts, Long Entry @ $77.25, Sell 10 @ $77.50 = $3,000, Stopped 10 @ $77.30 = $500
GAIN: $3,500 - Fees
The Trade of the Day
At 10:00 AM, I noticed significant market evidence supporting a double top formation.
Sharing this insight with my clients, I advised them to watch for a potential retest of the prior highs and subsequent decline. This setup was my main focus for the day.
Believing in the double top, I spread out my profit-taking points, expecting a significant push lower. This trade played out well, and I managed to capture substantial gains.
I recorded this trade, and you can find the detailed video in the blog post, showcasing my entry, stop advancements, and profit-taking strategy.
Trade Details: 20 Contracts, Short Entry @ $77.21, Cover 5 @ $77.96 = $1,250, Cover 5 @ $76.89 = $1,600, Cover 5 @ $76.50 = $3,550, Cover 5 @ $76.05 = $5,800
GAIN: $12,200 - Fees
The Importance of Consistency
Overall, it was a strong Monday. Despite a few aggressive trades in the morning, the evidence was there, and I followed my trade plan.
The lesson here is the importance of consistency. A full loss on one trade doesn't mean defeat. Instead, it’s an opportunity to learn and stay focused.
As a trader, you must master the ability to remain emotionless and stick to your plan, regardless of the outcomes of individual trades.
This resilience is what sets successful traders apart.
A Recap and Moving Forward
Today's trading journey with Crude Oil offered valuable insights.
The NASDAQ and S&P were choppy and failed to overtake their prior highs, while Gold didn't present any meaningful opportunities. Crude Oil, however, provided a clear read, reinforcing the importance of sticking to your trade plan.
Trading is a continuous learning process, and I'm here to help you navigate it successfully. Until next time, stay disciplined and focused on your trading journey.
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
Daily LIVE Market & Orderflow Analysis
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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