Crude Oil Open Range

Hello Traders,

CL Power Open Range Trade #1 brings me in short at 9322 today at 8:06AM CST. Stop on trade is morning high plus a tick at 9339. Market continues to grind with no real down movement at 8:15AM CST.

Hit Stop Loss at 9339 at 8:18AM CST. Minus 17 ticks on trade.

ON HINDSIGHT … The short trade should have never been placed on today. I jumped the gun and didn’t allow the market to retrace enough to determine if it was a valid signal or not.

Did I allow this trade to go to high on the stop loss? Especially when the market was showing an uptrend early move … on the morning … I was looking at the stops shorts getting hit on the way up and looking for it to fall back to settlement price at least. I liked the short trade entry .. but perhaps could have managed the trade a little better on the stop loss side.

Should I have went long at 9329? This is the question … I need to answer. This was the LONG entry that went on for profit during the trading session today. This should have been the entry on the trading day.

Do you take the opposite of the trade on the CL Power Opening Range Trade? What it means is … I need to be willing to accept two losses in a row in a non trending market. The other question is how many contracts to trade to start … one or two. I would like to trade 1 and figure out exactly how much profit I am looking for in each trade … target on $50K is 3000 profit before 2000 loss.


God Bless and Good Trading,

David AKA Tiger

P.S. Still working on proper size (contract) and how much to risk/how much to take away on a winning trade.


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.