Crude Oil Trading June 24th 2015

Wednesday: June 24th, 2015

Crude Oil Trading this morning the Pivot Point is in play … we have not been to it at this point in time … PP is located at 6074 this morning during the trading day.

Be patient … today is crude oil inventory report in another hour and a half.

CLPORT Method: We had a LONG Trading Signal above the Pivot Point this morning. I went LONG at 6077 Time of Trade was 8:15AM CST.

Crude Oil Market hit the Stop Loss on Trade today … minus 10 ticks on trade. Long Trade Stop Loss exit at 6067 at 8:24AM CST.

I believe seeing this movement got me thinking too much about what the market was going to do; instead of, simply allowing the market to dictate what it wanted to do. I had the opportunity to have a positive today on the trading day … but I took too many trades trying to get into position and allowed myself to get a little too close to max daily loss on the trading day.

This is the kind of stuff I need to work on … 7 trades was too many … 4 trades was where I should have stopped on the day today. So as I look over my trading day and I had 3 trades too many overall.

Too Many Trades after the CL Inventory Report Release … I had 7 trades on the day and went down 43 ticks overall giving back some of my trading gains.

I found myself unable to stop trading until I was too close to max daily loss on the trading day … thought process … was it is going to break. This could all be summed up by my opening trade taking a small loss when I could have had a 2P to 3P gain on the trade.

After this … I found myself once again at a profitable position on the trading day, but the pullback took me out. I had good position twice today, but both times the market retraced me out of the trade.

There has to be a happy medium between going to breakeven and allowing the trade some room. This is the synopsis of the trading day. I had a winning day ready to be had … but my breakeven trades when I was in position took this away … instead of being down 43 ticks … I could have traded this day much better I believe.

At one point I was only down 12 ticks after getting a win, but I didn’t stop I kept trying to trade the market when it didn’t want to be traded … I found myself in the micro environment; instead of, looking at the bigger picture of simply walking away. I suppose the 100 percent trading days was looming in the back of my head and caused me to overtrade a little bit today.

Anyway, I wanted the win today I could taste it … it really looked like 6200 was going to get hit when I was trying to get in position on the long side of the trading day … I was wrong and paid the price by giving up 455 of my trading gains to prove how wrong I am.

Mark today’s trading into the shoulda/woulda/coulda category and move on … remember my motto …

Live to FIGHT (trade) another day! Sure I took a hit today, but I am not out … just lost one battle in the overall war. I need to remember Sun Tzu Art of War … if you know your enemy and yourself then you will …


Kind Regards, Good Trading and God Bless,

David M. Knight

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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.