Day Trade Take What The Market Gives

Crude Oil Day Trading September 30 2016

Crude Oil Day Trading

Obviously, I was looking for a short opportunity into Friday’s day trading of the crude oil futures market. It really looked like it was setting up to retrace back down to the 4650 area on the trading session. But, this was not to be.

I was able to net out 16 ticks on 6 trades overall. If you scroll down to the 3rd chart shown today … then … this is the one to pay attention to as a day trader.

Futures Crude Oil Day Trading Charts: BBV HVB

Futures Crude Oil Day Trading Charts: BBV HVB

Futures Crude Oil Day Trading Charts: KEY TRADING CHART

This crude oil futures market chart truly told of the short that was to come on my trading decision. Notice the collection of blue bar volume spikes (BBVs) on the tick chart here.

This truly announced the trade to the short side today! All I needed was an Elliott Wave to get in which is shown below …

Futures Crude Oil Day Trading Charts: Short Entry to 1P Profit Target

Futures Crude Oil Day Trading Charts: FakeOut? Not Today … but could have been!

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts: Trade Exit

Futures Crude Oil Day Trading Charts: Trading Summary after 3 Days

Crude Oil Day Trading

Today was one of those days (Friday) where the crude oil futures market finally showed its hand. The trading chart to look at more closely is the one with the 3 blue volume spike bars. This was the one that truly set up the short entry.

With that being said, I was backing up the truck to the trade, but it fizzled out a little after the 4782 mark going down today.

I was looking for a lot more down follow through on this trade, but I had my trading plan in place and got out with a small win. The crude oil futures market did not break down so to the sidelines I went on Friday.

 

Good Trading,

David M. Knight
TradeCraze

P.S. Do you have a RISK Management Plan?

 

 

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.