Hi,
just wondering if any of you guys or gals trade the Wednesday 10:30 am EST Crude Oil Report ?
what often seems to happen when the report comes out is the market jumps hard to one direction, then retraces for a few minutes, then continues to move in the initial direction for a good long move.
and it looks like jumping in on that third leg might be a good trade. at least it gives a good indication of direction to trade in.
occasionally the news fails to move the crude price at all.
it looks like a reasonably consistent pattern that plays out every Wednesday.
and based on volume and price action at 10:30 there are a lot of traders who are getting in on the action.
i have heard of traders who trade the monthly fed report that way.
so does anyone who trades the crude report, care to share how they do it ?
thanks,
lf