Crude Oil Trading August 12th 2015

Wednesday: August 12th, 2015

Crude Oil Trading … the market has been to the pivot point 5 times on the trading session with only a brief appearance above it before selling off … is the market trying to put in a bottom?

The Crude Oil Inventory Report is coming out in 10 minutes now … we will see what the reports has to offer as far as any valid trading signals.

CLPIT Method: Trade #1 Short at 4322 Stop Loss Hit at 4331 (1/2R) in today’s trading.

I will make this short and sweet .. I was looking for the market to continue to move down to the lows of March 17th and move through it. I had zero confidence on any long setup with the price action and volume I was seeing. I will take my small loss and look for tomorrow to make a trade now.

There wasn’t much of a effect after the Crude Oil Inventory Report Release … it pretty much matched the forecast numbers today.

On the trade, I originally set up for a 1R stop loss or 19 ticks initially on the short trade. I was able to move it down to 4331 after the attempt and failure at this level roughly at 9:41AM CST. What this means is I was able to move from 1R Stop Loss into the 1/2R Stop Loss on the Trade.

I took a loss of 9 ticks on the trade; instead of, 19 ticks due to the fact the market will tell you where value is on a trade … or where you should exit it most of the time. Today, it was to exit on anything above 4331 … which I completed as part of my trading plan.

Good Trading and God Bless!

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.