If You Fail to Plan... Plan to Fail

Hey Trader, A solid trading plan can be the difference between the trader who achieves their financial goals and the trader who burns account after account. Your trading plan is quite literally your map through the marketplace. If you have a good map, you'll know exactly how to navigate the various dips, peaks, opportunities, and losses you'll encounter. If you have a bad map, you'll be completely disoriented and penniless in no time. In today's issue of Big Energy Profits we'll show you how you can make a trading plan that will take you directly to your financial goals. Enjoy. To Big Profits and Beyond, Anthony Speciale Jr Editor, Big Energy Profits

Hawkeye Traders team1@hawkeyetraders.com hawkeyetraders.com

Crude News

What Will It Take For Oil Prices To Break Out? U.S. West Texas Intermediate crude oil futures edged lower at the close of last week, giving up some of last week's gains. Prices are being capped by doubts about demand recovery due to the COVID-19 pandemic and rising supply. Although the futures contract is hovering near the high of its two-month trading range and slightly above a long-term 50% level, bullish traders are having a hard time extending the rally because of lingering demand concerns. The market is also posting an inside move on the weekly chart despite a small gain for the week. This tends to indicate investor indecision and impending volatility. Last week's range was extremely tight with most of the week's gains taking place on Wednesday. A lower close on Friday marked the third lower close for the week, which isn't a particularly bullish sign. Fundamentally, crude oil was boosted last week by United States government data showing crude oil, gasoline and distillate inventories all declined the week-ending August 7, but gains were capped because the global oil supply is rising due to OPEC and its allies increasing output this month. Last week's limited trade is likely to produce a higher close for the week. This was produced in one day when a surprise 300,000 barrel drop in weekly production triggered a strong rally. During most of the week, however, the market was trading in a range on low volume. With both essential components of oil consumption continuing to struggle in the wake of the pandemic, it's hard to build a case for an upside breakout. Even the bullish news about the drop in United States production wasn't enough to take out the previous week's high at $43.52. Although the United States cut production, OPEC+ is gradually raising output, which is helping to increase global supply so the EIA production-drop news isn't as bullish as first thought. Furthermore, the ongoing uncertainty around demand caused by the COVID-19 pandemic and the possibility of higher global output could keep a lid on prices. We're expecting another week of range bound trading. However, trader reaction to the 50% level at $41.72 will actually set the tone for the week.

How to Create Your Best Trading Plan

The stock market can feel like a vast ocean with stormy nights. And if you're going to navigate that and get to your desired destination, you will need guidance and a planned route in mind. And that will be your trading plan. A trading plan will give you the guidance on which markets to trade, when to take profits, cut losses, and search for other opportunities. Why is this important? A trading plan helps you make logical trade decisions and define the strategies of your ideal trade. Most importantly, it will cut down on mistakes most traders make in the heat of the moment. Today, you'll learn how to create a comprehensive trading plan for yourself. You'll learn the golden rules every trading plan should cover in our 7-step series. This includes: Your motivation for trading Your amount of time commitment Defining your goals Your risk-reward ratio Your available capital for trading Improving your market knowledge Starting a trade journal We'll start with the first step in creating your perfect trading plan. Step 1: Define Your Motivation for Trading Remember in the Ten commandments of trading that it's always important to know your why. The same goes for your trading plan. You have to know your reasons for why you want to trade and how you'll commit to that. To ensure that you stick with the first step of your trading plan, you must write down your reason why and keep it nearby as a constant reminder. For example, your motivation for trading can look like this. "I want to trade so I can create other streams of income apart from my job and get closer to financial security." Understand Who You Are However, wanting to make more money is just not enough as a trader. Part of defining your motivation for trading should include understanding yourself. You'll have to reflect on where you are in life and what type of trader you're going to be. Some of the questions you ask yourself can include: Am I in a mentally good place to make trades? Do I want to be a full-time trader and become the next Warren Buffet or do I just want extra income on the side? Am I willing to learn more about all the factors that affect trading and commit to practicing them? What sacrifices will I make to commit to staying motivated? How will I respond on days where I don't feel as motivated? This list is not exhaustive. These are just a few of the questions you must answer to truly understand and define your motivation for trading. Because with the time you have left you have to decide the type of person you're going to be. And successful traders always stay committed to their goals and themselves. Taking Action Once you answer these questions, it will show what your strengths are and what you're missing. This way you can prepare yourself better for your trading journey ahead. In the next part of the series, we'll focus on how much time you'll commit to your trading plan and how to integrate it with your life for the perfect balance.

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Weekly Analysis

The main trend is up according to the weekly swing chart. A trade through $43.52 will signal a resumption of the uptrend. A move through $35.01 will change the main trend to down. The main range is $61.44 to $21.99. Its 50% to 61.80% retracement zone at $41.72 to $46.37 is the major resistance. The minor trend is also up. A trade through $38.72 will change the minor trend to down. This will also shift momentum to the downside. The minor range is $35.01 to $43.52. Its 50% level at $39.27 is support. It is controlling the near-term direction of the market. The short-term range is $21.99 to $43.52. If the main trend changes to down then its retracement zone at $32.76 to $30.21 will become the primary downside target. This should be considered a value zone so look for buyers to return on a test of this area. Weekly Technical Forecast Based on last week's price action, the direction of the September WTI crude oil market is likely to be determined once again by trader reaction to the 50% level at $41.72. Bullish Scenario A sustained move over $41.72 will indicate the presence of buyers. This could lead to a quick test of the minor high at $43.52. Taking out this level could trigger an acceleration to the upside since the weekly chart indicates there is no resistance until $46.37. Bearish Scenario A sustained move under $41.72 will signal the presence of sellers. The first downside targets are a minor 50% level at $39.27 and a minor bottom at $38.72. Taking out this level could trigger a further decline into $35.01 over the near-term. Key Reversal Days and/or Turning Points for this WEEK: Monday … Wednesday … Thursday Key active RESISTANCE price areas for this WEEK are likely to be: 42.55 - 42.95, 43.45 - 43.85, 44.60, 45.40 Key active SUPPORT price areas for this WEEK are likely to be: 41.80 - 41.60, 41.00, 40.00 - 39.80, 39.20 - 38.70

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