Crude Oil Day Trading

Crude Oil Day Trading January 23rd 2017

Crude Oil Day Trading

Down … Up … Down … Up … which way do you want to go Crude Oil Futures?

If you don’t know this by now, I am a day trader in the crude oil futures market. Obviously, some days simply just don’t work out.

While I am under the microscope by placing my trades up on the blog and doing a video. I certainly hope I can help you in your journey.

Regardless, I know I will take away money on this Funded Account. It is simply a matter of how much now is all.

By this I mean will I be able to reach my profit objective of $2,500 or will I simply have to close the funded trading account and start again by taking the money off the table.

I don’t have an answer for this as of yet … but … can I trade better? Sure … I have said as much throughout my trading career.

But … that … that doesn’t kill us only makes us stronger. Could I have stepped away from today after it didn’t want to show it’s hand earlier? Sure … in hindsight … what I have learned over the years …

You are always right in hindsight.

If we could trade in hindsight, boy that would be great. But this isn’t the way trading works. Everyone has their special way they attack the markets.

YouTube Summary:
Futures Crude Oil Day Trading Charts:

The trade that started off my trading session … but I was short before I was able to get long.

Did I see it? Certainly. I was long from 5243 today, but the pullback took me out.

Obviously, if I knew the market was going to compress and not explode, then I would have not traded the day.

Futures Crude Oil Day Trading Charts:

Here is what the crude oil market looked like today after it hit the 200 bar SMA on the 15 minute chart. We saw a shooting star, and it looked like it was going down hard … but it stopped.

The highest volume bar at this time was blue. I am not saying I know everything, but what I know is I would rather be short on this chart than long overall.

So I was more than happy to cover my long at 5243 and go short at 5347 … boy it sure looked like it wanted to go down at the time.

Futures Crude Oil Day Trading Charts:

Bottom line, I felt good about my trades overall, but the market didn’t want to play today. I know I will grind out some of these days looking for a bigger move that I hope to be able to stay in.

I was in on two good setups, in my opinion today. I was long from 5243 and later on in the session as shown below I was short from 5247.

Crude Oil Day Trading

Anyway …

There is a fine line between winning a trading day and losing a trading day. I was never up on this trading session. My best two trades today were basically breakeven trades.

Sometimes people want to offer advice … but I am ok with my style of trading. I believe in what I am doing. Either the market has momentum or it doesn’t. What I can do better is determining a mometum driven day against a day that wants to churn.

My overall opinion coming into a Monday is I am expecting the market to go the direction of the least resistance. Today coming into the trading session this was to be short.

The crude oil market didn’t want to go down. In fact, it went one tick below the golden number of Gann, which was at 5222 today.

Yes, I saw the long setup. So trading one less on the short side, I believe I could have perhaps stayed in longer today.

But …

One of the things that you have to constantly consider is the first basic rule of trading. How much are you willing to risk to place a trade? Even 9 ticks a time will add up to over 40 ticks, if the market will not move.

Could I have traded better today? Certainly … but how many days can you be absolutely perfect? I would wager this is zero days.

There is no sure thing in trading. It’s all about odds and how much you are able to take away on the winning trades. If you have enough on your winning trades, then you will make up for the small losing trades.

This is how I have earned money as a trader over the years. Lose small … win big when it is on the table.


Good Trading,

David M. Knight

P.S. What is my One Thing in Trading?




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.