Stop Over Trading!

Crude Oil Trading June 16th 2015

Tuesday: June 16th, 2015

Crude Oil Trading

CLPORT Method: Right now there is a RBV at 8AM CST. Volume is 485 … I am looking for a LONG entry at this point in time.

Range has been defined. I am waiting for a valid 2 point to form on the charts off the highway at the moment.

New swing low established … need a new 123 formation now.

Trade #1: Long Entry at 5956 Time of Trade was 8:19AM CST (filled). Hit 1P Profit Target at 5974 TIME 8:30AM CST. Now, with this movement CLPORT Method was a winning trade this morning.

I am at breakeven on any remaining contracts left in the CL Market now. BTW, the Pivot Point came into play and may continue to come into play as we are not that far from it … so protection of the trade is in order.

Crude Oil Trading … market is looking to reach the 2P profit target now located at 5974 on the trading day. By the way 7P on the trading day to the long side is 6084 on the way up … we will see if it comes into play today.

Today’s trading is definitely range bound and whipsaw is the word of the day at 9:42AM CST.

What I know about trading today … is I am unsure about what overall direction the market wants to go today … but I do understand one important component to my overall trading decisions now …

*** Looking back at the trading day what I can SEE is I NEED to be more PATIENT with my stop protection movement, because I have the tendency to WANT to continue to trade.

If I would have waited for the market to really retrace, then I would still be LONG at 5959 (slippage of 3 ticks) original entry point was 5956 on the trading day. This would in addition allowed me to stay in the trade; instead of, trying to find a place to reenter the crude oil market and racking up a loss at this point in time on my trading day.

My original profit target today is 5P which is located at 6049 on my trading charts today.

2P Profit Target Hit:

3P Profit Target Hit:

Today’s trading was a learning experience for me on the power of the retracement during the trading session. Yes, I know that CL likes to retrace a lot of times … the point being is I allowed the retracement to drive me out of the market.

It’s all about being a penny wise and a dollar foolish … this should be filled into the Shoulda/Woulda/Coulda file of my trading performance.

In the trading day, I end up on my trading session … but it could have been so much better given how I know the crude oil market loves to retrace. Bottom line, I do not like to take extra trades … but I hate losing on a trading day even more.

Less is More in this case as a Crude Oil Trader in the Market! Learn to be more disciplined and patient in the retracement … really DO instead of the word try!


Kind Regards, Good Trading and God Bless,

David M. Knight


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.