Another Short Term Scalp – Crude Oil
Obviously not content with my paltry 6 pips from my EURUSD scalp, I thought I’d try my luck with a more volatile beast, the Crude Oil futures. The trade was a very simple on and off support at 9865. You can’t see it from the 5 minute chart but the support line was actually last weeks highest point. I expected a bounce from here so took the long trade and got out with 39 points.
The market soon collapse after this and if I had taken a short, I would have been laughing.. as I write the price for Crude Oil is 98.34
People ask me how I trade these instruments and I tell them that I use something called Spreadbetting which, in the UK, is tax free. It’s got nothing to do with trading spreads in the trading sense.. it’s just a way to trade the markets as you would normallybut as it’s classified as gambling under UK law, any gains are not liable to any tax.
