Crude Oil Day Trading

Crude Oil Day Trading February 9th 2017

Crude Oil Day Trading February 9th 2017

During the day trading session, I finished with 5 trades on 4 ticks. It was a tough day trading session in the crude oil futures market today.

The Crude Oil market went up, but never to achieve a 1P up move during the trading session.

But …

It also didn’t move down below the 1P profit target either. What we had today was a failure to communicate. I took on 5 trades and as a rule nothing good comes from me extending the trading session and taking on more trades.

In fact …

See Tuesday when I gave up a gain trading session to create a losing day trading session going from 5 trades to 9 trades. IF you are bored … then find something else to do than sitting at your trade desk trading … it is a mistake to see into the market what isn’t there!

Wistia Summary Trading Video:
Part 1:
 

 

Part 3:
 

 

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Crude Oil Day Trading February 9th 2017

So …

I did my best, but the market (CL) didn’t want to participate during my day trading session. It would move down to a 1P profit target and then retrace all the way back into my trade exit (breakeven) on the trade.

If I could have held at 5310 today, I don’t even think that was a good spot … if the market wanted to sell off, then it wouldn’t have continued to STOP and retrace back.

The R1 price action level today at 5296 was a sticking point we simply couldn’t decisively break away from for over 2.5 hours today. There was no true follow-thru to drive the Crude Oil Futures market down to the Pivot Point located at 5209 during today’s day trading session.

It is best to stop at 5 trades. To keep my ammo and capital dry and see what we see later today (afternoon trading session) or tomorrow.

 

Good Trading,

David M. Knight
TradeCraze

P.S. What is YOUR one thing that will lead to your day trading success? Find out 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.