Scalping Crude on the 8 Range Chart

This is an example of a day of scalping the West Texas Intermediate Crude Oil Futures Contract. What is nice about Crude is it really can move which can mean you are not waiting around all day, this of course can work against you too. You can see an entry at 106.50 about 15:15 did go about -35 ticks which was averaged in. I know averaging in is a no-no in trading but if you consider it as scaling into a position in the short-term it is generally ok, as long as your risk is defined and you know when you are going to get out ahead of time. This was actually a bit out of my comfort zone and added 2 positions to see if it would turn and was about to bail. Crude does have days where it can move very fast so stop placement is critical. The 8 Range chart is very nice because it helps keep you out of the choppy price action, focusing on the movement rather than the time element.