Our Performance Coaches have been battling against a tough market for three weeks. After seeing a drawdown of $1,250, the Coaches have come back with two solid days of trading to recoup roughly $750 of those losses.
Today, the big winner was a Crude Oil ($CLX7) trade that netted them $550 vs. a stop that was $90 away. Here's how they identified that monster trade.
If you follow Hoag's morning market forecast (and you should - it's on Facebook Live and reposted on our blog each day), you know that he looks at the opening range. So, in the one minute after Crude Oil opened at 8 AM CT, it moved $0.06 - between $51.18 and $51.13. Then, prices rallied to $51.30 before falling back below $51.20 around 8:30 AM CT.
That's when the Performance Coaches initiated a buy at $51.19 with a tight stop that was below that opening range - at $51.10 - risking $90 on the trade. Their feeling was that the fact that prices were above last week's high (around $51.15) and in line with a shorter term trend higher, the risk-reward ratio was just right.
And the market rewarded them with $546.32 in profits. Here's what that trade looked like in TSTrader, our commission-free trading platform.
Could they have stayed in the trade and made more? Sure. But in a drawdown, there's no reason to be greedy. They raked in a nice profit on the day and are happy to wait until tomorrow to see what opportunities may arise.
Sound too good to be true? Follow us on Twitter for the latest updates in #CoachesCombine (@topsteptrader) where we post real-time throughout the day:
Total performance for the day, including fees and commissions: $546.32. Balance is $49,491.68. For more, check out their Trading Combine dashboard below.