TheTradingRoom

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Massive action in WTI futures today. Here's a late day trade: 1) Buy @ $120.09 2) Stop Loss @ $119.89 3) Take Profit @ $120.29, 1:1 risk vs reward The best timing for this trade is between 2:00 PM and 2:30 PM EST. Should be good for a nice short-term bounce and close above $120.25.

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Today featured a strong close for July WTI futures. If the $120.00 area comes into play again, a countertrend scalp may set up in the next 24 hours. Here's the trade: 1) Sell $119.94 2) Initial Stop Loss @ $120.09 3) Profit Target @ $119.79, 1:1 risk vs reward ratio

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From a technical point of view, July WTI is driving above the monthly 38% at $115.66. This is a bullish signal and suggests that a retest of $120.00 is imminent. If we do continue to rally, there is one level I will be watching closely: May’s High, $119.98 Here's the trade: 1) Buy $120.01 2) Initial Stop Loss 8-12 ticks 3) Initial Profit Target 8-12 ticks 4) 1:1...

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Going into the final trading day of May, there is an interesting price point in view for CME July WTI futures: Spike High, $116.43 Here's the trade: 1) Buy CME July WTI crude oil @ $116.51 2) Initial stop loss @ $116.39 3) Profit target @ $116.63 4) 1:1 risk vs reward

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The Aussie has broken above topside resistance. Now, there's a pullback buying opportunity in play: 1) Buy 0.7152 (Weekly 38% Retracement) 2) Initial Stop Loss @ 0.7122 3) Profit Target @ 0.7182 1:1 risk vs reward ratio

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Us it time to go long and shoot for the Monday/Tuesday GAP ($21.71-$14.57) in SNAP Inc.? Perhaps. It looks like the short-term bearish push may be over Here's the trade: 1) A market buy from $14.50 2) Profit Target, $17.00 3) Initial Stop Loss just beneath $12.00 4) Payoff is 1:1 for $2.50 (17.2%)

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Until Friday’s close, I’ll be looking at one key level in the USD/JPY: 38% Weekly Retracement, 124.88 If we get a shot to buy the 125.00 handle, it isn’t a bad play. Until elected, I’ll be looking to go long from 125.09. With an initial stop loss at 124.69, this trade is worth 40 pips on a standard 1:1 risk vs reward ratio

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Here is a key level to watch in the GBP/USD as we roll into the final trading week of May: Weekly 38% Fibonacci Retracement, 1.2592 Here's the trade: 1) Sell GBP/USD @ 1.2584 2) Stop Loss @ 1.2629 3) Profit Target @ 1.2546, 1:1 risk vs reward

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July is the new front-month WTI futures contract. And, it has tested a key Daily 38% retracement level ($106.98). Here's the trade: 1) Buy @ $107.01 2) Initial Stop Loss @ $106.89 3) 1:1 Profit Target @ $107.13 Quick, positive price action is the goal here. If $107.00 is washed out to the bear, a rapid exit at $106.89 is advised.

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There is one level that I’m watching closely in the CAD/CHF on the 4-hour chart: 62% Retracement, 0.7752 A pullback to the 0.7752 area will provide a pretty solid entry to the bull. Here's the trade: 1) Buy CAD/CHF @ 0.7755 2) Stop Loss @ 0.7723 3) Profit Target @ 0.7787 (1:1 risk vs reward)

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Sometimes, trade ideas can be simple. A routine sell from just under the big-round-number of $110.00 in USOIL should do the trick. Here it is: 1) Sell USOIL from $109.89 the first time price approaches this level 2) Initial stop loss at $110.09 3) Profit target of 20 pips (1:1 risk vs reward) @ $109.69

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US stocks are taking a beating this year, led by the NASDAQ. The COVID-19 recovery uptrend (2020 Low to 2021 High) is being tested. At this point, the 50% Retracement (11,708) of this range is coming into view. Here’s the trade: Buy 11,750 Initial Stop Loss @ 11,450 Profit target @ 12,050 Be ready….this trade has a decent shot of going live this week.

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Here are some key levels to watch for the coming five sessions: Psychological Barrier, 1.0500 Last Week’s Low, 1.0482 April’s Low, 1.0470 If you’re trading this pair, it’s important to respect the downside of this market. A bearish breakout is possible beneath last week’s low and April’s low. The trading plan: 1) Sell 1.0481 2) Initial Stop Loss @ 1.0559 3)...

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A key long-term level has held up nicely as support for GOLD since NFP dropped: Monthly 62% Retracement, 1874.28 Looking at the 30-minute chart, the 1874 area has withstood two tests. If we get a third, it may set up a solid late-session buy. Here's the trade: 1) Buy @ 1875.1 2) Stop loss @ 1868.9 3) Profit target at 1881.3, 1:1 risk vs reward

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Trading tight markets can be profitable. For the NZD/USD, a key level is coming into view: Big-Round-Number, 0.64000 Until 10 minutes before today’s Fed Statement (1:50 PM EST) here's the trade: 1) Buy 0.6406 2) Initial stop loss at 0.6394 3) Profit target at 0.6418, 12 pips on a tight 1:1 risk vs reward ratio. If this trade hasn’t gone live before 2:00 PM...

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It’s a new trading month and GOLD is on the move. Prices have broken hard beneath April’s low and are now searching for a short-term bottom. Here is one level worth watching for the immediate future: Monthly 78% Fibonacci Retracement, 1821.01 Here is the trade: 1) Buy @ 1826.00 2) Initial Stop Loss @ 1794.00 3) 1:1 Risk Vs Reward, profit target at...

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If the bearish sentiment continues for GOLD, a key support level may come into play: Monthly 62% Fibonacci Retracement, 1874.32 Here are the trades: 1) A buy from 1876.00 isn’t a bad countertrend entry to the bull. For a 1:1 scalp, a stop at 1872.89 will suffice. 2) If a short-term position is more desirable, a 1:1 trade with a buy from 1876.00 and an initial...

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At press time, the US30 is off more than 1% and a macro support level is coming into view: Weekly 78% Retracement, 33,023 If the bearish action continues, the 33,000 handle isn’t a bad place to go long: 1) Buy @ 33,029 2) Initial Stop Loss @ 32,994 3) 1:1 Risk Vs Reward, Profit target @ 33,064