Oil futures presented a simple, well-defined trade yesterday with a good potential profit.
The price moved down from the previous close and settled at Nat’s buy level just as the day session opened.
It dropped below the buy level in the morning, and there was a significant drawdown for traders who entered early.
About noon it moved back above the sell level and moved up to close at the high of the day (and roughly at the same level as the previous close).
The potential profit in the trade was about $700 per contract.