Hey Trader,
Harness the Power of Community and Prayer in Your Trading Journey
I hope this message finds you well and thriving in your trading endeavors.
In the dynamic world of trading, it's easy to get caught up in the pursuit of success and overlook the importance of community and support.
As we navigate the ups and downs of the market, it's essential to remember the power of shared experiences and prayer.
James 5:16 beautifully reminds us of this: "Therefore confess your sins to each other and pray for each other so that you may be healed. The prayer of a righteous person is powerful and effective."
This verse underscores the significance of accountability and mutual support.
Just as we seek guidance and support in our personal lives, we should also seek it in our trading community.
Sharing our challenges and victories with fellow traders not only fosters a supportive environment but also strengthens our resolve and focus.
By opening up about our experiences and praying for each other's success and well-being, we create a powerful network of encouragement and strength.
This sense of community can profoundly impact our trading mindset and resilience.
May this timeless wisdom inspire you to connect with others, share your journey, and harness the power of collective support and prayer in your trading!
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
Identified Crude Oil Supply Area Offers Consecutive Lower Lows
In today's video, I’m diving deep into my personal approach to the market.
Why do I do this?
Because if you're considering joining me, you should understand how I trade.
My style may not resonate with everyone, and that's perfectly fine.
But for those who do connect with my traditional perspective, the insights I share could be invaluable in your trading journey.
Why I Share My Strategy
Trading is a deeply personal endeavor.
Each trader has unique financial circumstances, risk tolerance, and goals.
My objective isn't to dictate your trades or manage your risk for you.
Instead, I aim to provide live market analysis, interpretation, and expectations to help you develop a robust trading plan.
The Day’s Trading Landscape
Today was a mixed bag with significant economic events influencing market movements.
We had the crude oil inventory report at 10:30 AM, new housing numbers at 10:00 AM, and the big one – FOMC meeting minutes at 2:00 PM.
With indices looking unfavorable and gold showing a notable plunge, it was a day to be cautious and strategic.
My Setup and Analysis
I began my day early, around 6:45 AM. Here’s how I had my screen set up:
Top Left: A 4-hour chart for higher time frame analysis (weekly, daily, and 4-hour).
Bottom Left: US dollar indices futures, which I monitor to gauge potential impacts on commodities and indices.
Main Chart: A 5-minute chart of light sweet crude oil.
I emphasize simplicity in my trading setup – just volume and price action with Volume Weighted Average Price (VWAP) as my guiding tools.
The Morning Trade
Upon analyzing the charts, I noticed crude oil forming a topping pattern around 78.30.
Despite the early fluctuations, I held off trading immediately, opting to let the market settle.
By observing the market's behavior and context, I aim to identify key levels and potential setups.
At around 7:00 AM, I identified a significant buying absorption in crude oil at 78.11.
I decided to take a trade with a very tight stop at 78.15 and a initial target at 77.93. This setup offered a modest 18-19 tick potential, but it aligned perfectly with my trade plan.
Execution and Outcome
As the market moved, I took some profits quickly and adjusted my stop to the entry level to protect my gains.
Observing the VWAP and previous highs, I anticipated further movement towards 77.75, which played out as expected.
By 10:30 AM, following the crude oil inventory report, I had completed a successful trade and decided to step back for the day.
My philosophy is clear: if my first trade works as planned, I’m typically done for the day. This approach helps me avoid unnecessary risks and protects my profits.
Key Takeaways
Stick to Your Trade Plan: Consistency and discipline are crucial. Every trade must align with your predefined criteria.
Understand the Market Context: Observing the market’s behavior helps in making informed decisions.
Risk Management: Protecting your capital is paramount. Use tight stops and adjust them as the market moves in your favor.
Avoid Overtrading: Once you've achieved your goal, step back. The market is not a casino; it's a place for strategic and disciplined trading.
Trading is a zero-sum game. Your success means another trader's loss and vice versa. The market is a facilitator, but other traders are your real competition. Your edge lies in your trade plan and risk management strategy.
Happy Trading,
Speciale Analysis
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