Day Trade Take What The Market Gives

Crude Oil Day Trading Minus 11 Ticks Vs Minus 15 Ticks

Crude Oil Day Trading Minus 11 Ticks Vs Minus 15 Ticks

Futures Crude Oil Day Trading Charts: Minus 11 Ticks VS Minus 15 Ticks

If I would have kept to 2/3R; instead of, 1/2R, then I would have been able to remain in my short entry today. I went short 4579 at 9:31AM CST, and was stopped out at 4589 ticks. I didn’t do 90, because it was a round number so I moved closer to the entry point at 89. If I would have moved to 91, this would have been hit as well.

But, 15 ticks was 4594 and this was not hit on the move (retracement back up) before it continued to move down on the trading session.

Futures Crude Oil Day Trading Charts: ReEntry Point 4542

I was able to capture 23 ticks on the 2nd trade on a reEntry Short Point (fakeout) signal to continue the price action down.

Futures Crude Oil Day Trading Charts: S1 Support Line Penetrated

Futures Crude Oil Day Trading Charts: FakeOut

Futures Crude Oil Day Trading Charts: Daily Chart 200 Bar SMA within Range

My short profit target on the trade was to get around 4461, this was not hit during the trading session when I was trading the market after the Crude Oil Inventory Report release.

Futures Crude Oil Day Trading Charts: First Possible Long Entry

This trade NEVER happened as it went on down from here!

Futures Crude Oil Day Trading Charts: Original Short Entry Setup at 9:31AM CST.

Futures Crude Oil Day Trading Charts: Looks like some Short Covering Here

Is the short move over? Sure looks like it may … as some short covering starts to come into the crude oil futures market.

Futures Crude Oil Day Trading Charts: Gann 4th Time Through Setting Up

Futures Crude Oil Day Trading Charts: Fib. Retracement Trade

When I was looking at my long signal, I used the Gann 4th time through to find a long entry. This did not pan out today, but I was looking for the market to get back to 4550 or so. This was my profit target on the long taken today.

I was risking 9 ticks of my trading gains on the day for a 50 tick winner. The trick was to wait for a decent base to show up. It looked good when I went in, but it was not to be.

Crude Oil Day Trading Minus 11 Ticks Vs Minus 15 Ticks

Bottom line, during the trading session I had 3 trades on the day. The first lost 10 ticks, the second won 23 ticks, and the third lost 9 ticks. There were 2 shorts and 1 long. My last trade was a long looking for a Fib. Retracement trade back to around 4550 … this was not to be.

The short getting hit at 89 influenced the last 2 trades of my trading session. I believe if I would have used the 2/3R stop loss on the trading session, then it would have been a different more positive trading day for me during the trading session.

What I told myself was I would rather lose 11 ticks; instead of, 15 ticks. This 4 tick difference or $40 was the difference in a nice winning trade versus a breakeven trading day today. This is the kind of stuff I need to do better.

Normally, I like a 2/3R against my CLPIT Strategy, but I didn’t want to take a 15 tick hit on a losing trade today … this was my thinking as I setup. The Volatility from the past demanded a higher stop loss, but I was hoping 11 ticks would contain it after moving initially down to 4556 after entry during the trading session.

So what could have been around an 80 tick or so winning trading day only turned out to be a 4 tick winning trading day.

Good Trading,

David M. Knight
TradeCraze

P.S. I finished up 4 ticks on 3 trades today … enough to feed the family at Mickey D’s today … we can splurge and get the 2 for $5 Deal … (Grin)

P.S.S. CLPIT STRATEGY: Explained 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.