Always Have a PLAN of ATTACK

Dear Trading Friend,

“Do not follow another man’s advice unless you know that he knows more than you do.” – W.D. Gann

When I was looking over the trading day this morning, I was paying attention to the pivot point line and trying to find value in a trade.

I found value at 88.12 in Crude Oil Today after what I like to call a HVS bar showed up on the chart.

HVS = High Volume Spike

In this case, the market was trading below the pivot point and the HVS bar came on the chart.  I watched it and placed an order below the current low at the time which was at 88.15.  I took one tick slippage on my original entry of 88.13 and was filled at 88.12 for 2 contracts.

The break below to the 50% level retracement is what I was looking to attain on this trade … if it moved fast through it … then I wanted the lower target.  It stopped a little above so I flattened out on the trade.

See the Renko Chart here:  Renko Chart Crude Oil

The market could continue to fall during the trading day below the 87.42 level … but at the time of trade this was a good exit to clear out then look for other opportunities to trade later on.

Tuesday Trading Video:

 

God Bless and Good Trading,

David ‘Tiger’ Knight

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.

  • Michael says:

    just caught your sight on youtube. Do you mostly trade crude oil?

  • TradeCraze says:

    I specialized in trading crude oil during the last part of my trading career. I enjoyed a lot of the other markets more in a positional or spread type of situation. I found Crude Oil to be the best bang for the buck in this “trading world.”

    David