Crude Oil Trading … Good and Not So Good … Trust Yourself!

“Every adversity has the seed of an equivalent or greater benefit.”

– Napoleon Hill

Early Morning see a weekly low that could come into action this week … it will be the 3rd time down to it … at 9124. Right now the CL market is trading at 9255 at 7:17AM CST. 50% FIB Retrace is currently at 9267 on the 89 tick chart.

Two Red Volume Bars on Chart at Low: 944 at 6:34AM CST and 644 at 7:54AM CST.

Trade #1: Looking to short market at low of day right now: 9231 in and out Hit Stop. ($113.68)

Trade #2: Still looking to short market at low of day in at 9243 at 8:07AM CST. WE had another Red Volume Bar come in at 702 at 8:10AM CST. Target BIG at 116 ticks is very close to the WEEKLY LOW of the Weekly Charts at 9124. My profit target is at 9127 for the trade.

Moved Profit Stop to 9231 move might be over until after the CL Inventory Report. Did I move my stop in too tight for today? I didn’t like the action when it was down at the end … it fought off 9215.

Second trade got me in the green from the first loss.

Plan now is to wait until the inventory report is out … the market will most likely be choppy in front of the report now.

Perhaps, it is OK to go after just a 1P target on Wednesday in front of the CL Inventory Report and sit on hands …

Today this would have been -11 ticks and then plus 23 ticks for a plus 12 or 11 ticks in front of the report going one for one. In this case, making double what I lost on a 50% basis.


Here is the trade waiting 5 minutes after the open outcry of the market happens … much clearer signal.


(Then I allowed myself to get in the way …)


I got myself in the mud after I was at BE today after two trades. I can only blame myself for getting emotional. My son started my off track … this is when I should have quit trading after the nurse called … went and got him and not worry about the trading day after this point in time.

I allowed the outside to influence how I will trade. I allowed time and pressure to sneak into my trading taking me out of the right mindset to trade.

From this point forward … when I am emotional in my trading … or something starts to muddy my thinking and my thoughts. I must clear out my position and stop trading.

Today should have been a scratch day to making about $100 on two trades. Instead, I kept trading digging a deeper hole that I will have to climb out. Trading is tough enough on a good day. If I don’t have my mind clear … (clear the mechanism) … then I need to step aside and not worry about the trading day.

Remember there is always tomorrow … my head will be clearer and ready to take on the day instead of placing myself behind the 8 ball and trading from weakness instead of strength.


God Bless and Good Trading,

David AKA Tiger

P.S. I took the next logical step at TST … I went to a practice sim account with the $50K trading rules.

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.