BREAKOUT TRADER.. A breakout trader enters a long position after the oil price breaks above resistance or enters a short position after the oil price breaks below support. Once oil trades beyond the price barrier, volatility tends to increase, and prices usually trend in the breakout's direction.
When trading crude oil breakouts, it is important to consider the underlying price support and resistance levels, The more times a price has touched these areas, the more valid these levels are and the more important they become, At the same time, the longer these support and resistance levels have been in play, the better the outcome when the price finally breakouts out.
Remember, the goal here is to day trade breakouts. The greater the recent trading range, the greater your odds are of being in a trade that has room to move.
As a professional crude oil trader a lot of the time my best “work” as a trader is to do NOTHING except wait.!
KEEP THE POWDER DRY!
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