Crude Oil Market Looked Very Weak Today

Hello Traders,

Today in the trading day, the Crude Oil Market looked like it was going to go down to test the $100 per barrel, but once again it stopped.

STOP!!

STOP!!

During the trading day, I was short for most of the trading day, and I was able to remove 1P profit on the trading day overall.  If there was a turning point in the trading day, then it was at the 102.40 mark.

Why?

Because we went there on 4 separate occasions, and then finally broke through.

April 23rd, 2012:  200 Trades Chart

April 23rd, 2012:  2000 Trades Chart

Did I think about reversing at this level?

Certainly, I gave it some thought, but in the end I decided to stand aside and collect my 23 ticks on 2 trades for the trading day.  This is a market, in my humble opinion, could have broke back down just as easily with a push.

I believe this was the turning point during the trading day.  The charts were telling you it wanted to break through this level.

During the down move today, it went down to 3P during the trading day before turning around.  I didn’t see any high volume bar to really make me think the down move was over during the day.

It seemed to lose steam during the trading day, and then recovered for the afternoon’s trading.

April 23rd, 2012:  Trading Statement

 

Good Trading,

David ‘Tiger’ Knight

P.S.  FOMC Rates/Statement on Wednesday – Stand Aside Tuesday!

 

 

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.