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Showing results for tags '[shooting star]'.
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My bread and butter trades are scalps of shooting stars and tweezer tops into some sort of resistance. Ideally one of the two candle formations will occur after a nice price move up to resistance. Today there was a $1 move up in oil that gave a nice shooting star in to resistance. If I am on top of my game I will short 3 contracts with a 5 tick SL. I will take the first off at 8 ticks, the second at 13 ticks and the third off for 21 ticks. In crude oil (CL) my main vehicle thats $150 risked for $420 in profit. I almost always get the 8 ticks so even if I get stopped out before hitting my next two targets it is only a loss of $20. Very low risk trades. The beauty of oil is that there are 3-4 opportunities to take this type of trade almost every day. I define resistance as any level where price will pause and give you a bounce. In crude oil it is rare for price to just blast thru these levels. Usually price will approximate the level and quickly bounce. Then it may test the level again, completely retreat or blast thru. I am only interested in the initial bounce and tweezers or a shooting star into any resistance level give me the confidence to take this trade. Please feel free to comment and/or share how you utilize tweezers and shooting stars.
