Crude Oil Trading August 11th 2015

Tuesday: August 11th, 2015

Crude Oil Trading … what do I see today? I see us attempting to break the daily low on the daily charts located at 4241 on March 17th, 2015 right now. This could possibly happen today as the market continues to show weakness overall on the trading day. The market is currently trading under S1 on the trading day located at 4378 today.

Trade #1: Short at 4358 … hit stop loss at 4374 before going right back down … here is the dilemma I am in … the stop loss of 16 ticks was 4374, but the S1 level was 4378 and the market retracement high was 4380 … so basically looking at a difference of a few ticks to stay in the trade as opposed to taking a 16 tick stop loss on the trade today.

Perhaps, a little too close on the stop loss today as I was stopped out at 4374 when the actual stop loss was suppose to be 4375 … which at 9:32AM CST was not hit on retracement.

The natural place to put a stop loss would have been a few ticks above the retracement high of 4380 and then moving down as the market showed continued weakness.

Trade #2 Short again at 4358 still looking for 4267 on short trade, which is right above 4241 where I believe we will see some kind of bounce in the market when stops get gunned and runned here.

Right now the market looks like death rolls trying to stay above the low of March 17th on today’s trading day. The path of least resistance is still short on today’s trading with the current volume outlook.

Market has reached down to 3P located at 4303 … does it have the drive to reach the daily low of March 17th before retracing?


 

Market hit my profit stop at 1.5P today on retracement after reaching down to 3P on the trade. The market went to a low of S2 on the trading day … but not before a lot of noise.

Good Trading and God Bless,

David M. Knight
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.