CL Power Trading Method

Crude Oil Trading August 5th 2015

Wednesday: August 5th, 2015

Crude Oil Trading … CL Inventory Report at 9:30AM CST today.

Be SMART … only 2 possible trade setups on the trading day win or lose.

CLPORT Method: Trade #1 Short at 4616 at 8:05AM CST. Profit Target on Trade is right around the pivot point which is located at 4584 on the trading day. What I am looking for in this move is a trade to the path of least resistance to go back to the pivot point since we have not decisively penetrated the R1 (resistance level) on the trading day.

2P places this trade at 4577 on the trading session prior to the CL Inventory Report Release. Stop Loss is originally set at 17 ticks today which places it at 4633.

The morning session trade or the CLPORT Method trade hit its stop loss at 4633 at 8:37AM CST. This was a loss of 17 ticks on the trade. My next trading setup will come at the CL Inventory Report.

CLPIT Method: Trade #2 Short at 4646 at 9:33AM CST after the CL Inventory Report Release. 7P Profit Target on the Trade places it at 4459 on the trading day. Stop Loss originally set at 17 ticks places this at 4663.

Now, let me say a lot of times when I am not trading I like to study or read a book … I am rereading a book I read a long time ago … it is called Success THROUGH A POSITIVE MENTAL ATTITUDE, by Napoleon Hill with W. Clement Stone and Og Mandino.

Anyway … while reading this book I can upon a train of thought that I definitely know about but I myself find myself thinking too much on the NMA side of life than on the PMA side of life.

This quote JUMPED out to me … “… the more you give of that which is good and desirable – the more you get.” But what does it mean the more you get? I think happiness is the key phrase I take away from reading that message.

This trade has reached 2P on the move so far … at 4607. 7P on the down move today places the trading range to exit with a profit between 4509 to 4459 on today’s CL Trading Short move.

CL Market reaches down to 3P and through the Pivot Point before showing any signs of strength or a bottom.

CL Market Reaches 4P on the Trading Day at 4568. Profit Target on trade is between 4509 to 4459 based now on the market entry of 4646 … this is 7P from the short entry point on today’s trading and the crude oil market open of 4596 today.

Could I have managed this trade better? Sure … I thought it would reach back to Pivot Point … it was fine line between right and wrong as the market reached my profit stop and then goes back down. In my younger days, I would be all pissed off at this … now I just say … “that’s fascinating.”

 

Ok so I net 40 ticks overall on the trading day … first trade lost 17 ticks and the 2nd trade made 57 ticks. Obviously, I could have made more … but I have to keep saying … “that’s fascinating” and move on … each day in every way keep getting better and better.

 

God Bless and Good Trading,

David M. Knight
TradeCraze

P.S. I have rec’d several and by this I mean at least 20 inquiries on my trading method and will I teach it. The short answer to this question is YES. I will be having an intensive study session and trading class details coming very soon!!!

 

YEP that was the retracement HIGH … how many times will I have to SEE this before I LEARN to TRUST my trading method?!?!?!?

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.