MCX Crude oil is a really good commodity to trade because of the liquidity and volatility it provides. When it moves it tends to trend nicely.
Here are the things to do to succeed in crude oil trade.
- Watch the movement of USD/INR. this is just in case if the rupee is trending strongly to the opposite side of crude movement then you don’t enter into a trade (MCX Crude Oil).
- Split the trading sessions in Asia, Europe, and the US. If the US has sold or bought strongly you can expect retracement in Asia and trend continuation in Europe sessions.
- Most of the Technical analysis works well in crude like MA, VWAP, VOLUME PROFILE, ATR, PIVOT POINTS ETC. find what works for you follow crude oil futures price because they are open for 23 hours
- Some days it’s better to no trade so wait for your setup to form
- Crude respects candlestick very well follow multiple time frame
- Stick to strategy
- Fix your daily profit target and don’t take any trade after you reach your target.
- Don’t be greedy, be slow and win the race. Even 1% daily return can multiply your fund 30 times annually.