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Crude Oil Trading April 23rd 2015

Thursday: April 23rd, 2015

Today in Crude Oil Trading Day Number 2 at the TopStepTrader $10K Combine. I am looking to trade, if available, the CL Power Open Range Trade this morning after the market opens (open outcry) starts at 8AM CST.

Three Blue Bar Volumes came into the picture before the actual open outcry:

  1. BBV 470 at 7:57AM CST.
  2. BBV 461 at 7:57AM CST.
  3. BBV 471 at 7:78AM CST.

CL Open Range Trade is to go Short … if available …

Now, a new BBV 600 at 8:11AM CST.

Trade #1: Short at 5669 Time 8:14AM CST.

Will the trade go back to the Pivot Point before the stop loss is hit?

Trade hit stop loss at 5681 at 8:17AM CST.

On a sidenote, I believe with my trading method and the $10K Combine at TST … this will limit me to only trading the CL Power Open Range Trade on a Daily Basis. The $300 Max Daily Stop has me ALL IN on only losing 2 trades. So I have my back against the wall to take on the 3rd trade.

Today, was a perfect example of rope a dope until it broke to the long side … yes … I caught it in my full trading strategy, but I did not in the trading combine as I believe I have failed it on the Max Daily Loss going over the $300 area … my account says -310 before commissions … this is one tick above the allowed tick … but adding in commissions it really isn’t 30 ticks … it is less than than because of the commission cost of $3.68 per round turn.

3 Trades has a total commission cost of $3.68 times 3 or $11.04 which is more than one tick … so the true stop loss on trading 3 contracts is actually 28 ticks. because 29 ticks will bring you above the $300 barrier.

$290 plus $11.04 equals $301.04 which is over the $300 Max Daily Loss. This will limit my trading in the $10K Combine at TST to only one trade per trading day … win or lose.

 

Kind Regards, Good Trading and God Bless,

TradeCraze

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.