Bugs Bunny Enters My Day Trading Today

Bugs Bunny Enters My Day Trading Today

Bugs Bunny Enters My Day Trading Today

So what do I mean by Bugs Bunny Enters my day Trading today? It simply means that if you can’t beat ’em, then join ’em.

I was looking short during my day trading session this morning until I saw what looked like a Gann 4th time through signal and what also looked like a classic bear trap forming on the futures trading charts.

Futures Crude Oil Day Trading Charts

My early trading signals after the employment report (Friday’s Monthly Report) was to trade the market short (sell it).

Futures Crude Oil Day Trading Charts

What I saw was a GANN 4th time through setting up on the short side, but this was not to be …

Futures Crude Oil Day Trading Charts

Then, we have what I call a TIEBREAKER scenario enter into my day trading day. What I need is something to break the tiebreaker. This is normally a higher volume bar than what caused the tiebreaker in the first place.

Futures Crude Oil Day Trading Charts

Here is where the crude oil futures market finally shows the TieBreaker being broken on the futures day trading charts. I was looking once again to short the market (sell it).

Futures Crude Oil Day Trading Charts

Here I am in short and the market did finally make it to the 1P Profit Target level, but without me being in it as it took me out at breakeven on the trade.

Futures Crude Oil Day Trading Charts

Bugs Bunny Enters My Day Trading Today … here is where my faithful friend Bugs Bunny shows up in the trading session. What I mean by this is I had been nothing, but a seller of the market until I saw this GANN 4th time through set up on my charts. I also like to call it the Bugs Bunny trade, because if I can’t beat them one way, then I have a trading plan to go with the flow.

This was what is called a Bear Trap (classic). The goal is to get as many shorts into the trade, then slam the door on them.

Futures Crude Oil Day Trading Charts

The Bear Trap slams shut and then we see buyers come into the market right after we get to the Pivot Point. This also becomes what I like to call the Highest Volume Bar on the trading day. It is red in color and to me it means buyers are in the market supporting the move now.

Futures Crude Oil Day Trading Charts

Here is another look at the Long Trade being taken on this morning. Once again, Bugs Bunny enters my day trading today. The Crude Oil Futures market makes it up to the 1P profit target, but I am looking for more off this trade where we just trapped the bears.

Futures Crude Oil Day Trading Charts

This is what is called a Fibonacci Extension, and it shows the market could reach to 61.8 percent or around 4527 before pulling back. This also coincided with my 3P Profit Target on the trading day located at 4530 in the Crude Oil Futures Market.

Futures Crude Oil Day Trading Charts

The Profit Objective obtained (goal) hit at 4527. We make it up to the target goal of the Fibonacci Extension during the trading day. And I call it a day … the Bear Trap Closes here on the trade.

So what’s the moral of the story? Bugs Bunny enters my Day Trading today, because of the failure of the sellers to drive the market lower. This sets up a GANN 4th time through signal and played out as a Bear Trap on the trading session.

Overall, I made 61 ticks on this trade today. It places me above my profit target goal and gets me one step closer to getting back to FTP at TopStepTrader.

Have a great weekend, and Happy Mother’s Day to all the Mother’s out here this weekend.

 

Good Trading,

David M. Knight
TradeCraze

P.S. Learn More about my Day Trading Method Click Here!

 

 

 

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.