PRIDE Live to FIght Another Day

Crude Oil Trading June 4 2015

Thursday: June 4th, 2015

Crude Oil Trading: Setting up for the morning … I am looking at CLPORT Method this morning then going from there to determine if there is any momentum to trade today. Tomorrow is employment Friday economic numbers released.

CLPORT Method:

I also see a CL Power Bracket Trade with the #1 HVS 1000 Trend Bar … looking to go long at 5904 on a 123 Formation … and looking to go short below the S1 Level 5880 (S1 today is 5882).

RIght now still no trade … I am looking for a 5P Move back to the Pivot Point which is located at 6013 on the Long trade and a 3P Move down to 7P which is 5805 on the Short trade. Which of these will win out?

At 8:30AM CST, the Long Trade was filled at 5904. And Lost 10 ticks at 5894 at 8:35AM CST. Hit Stop Loss on Trade.


The Bracket Trade still has the SHORT Side On right now at 5880 … Short Trade Filled at 8:37AM still waiting for 1P to be hit at 5858 right now. The 7P move from the open of trading today on the short side will bring it down to 5805. My 3P Target on the trade is 5815, which is my trade exit.

In addition, we have the S2 located at 5804 on the trading day. The market made it down to S2 today before showing any real sign of strength to recover from the short.

In my trading … if I would have held my 2nd Trade of the day then I would have won the day … but I didn’t I tried to get back into the market, but it kept on whipsawing around too much for me to profit on the trading day.

I had 7 trades … more than I ever really like to have and I went down -285.76 on the trading day.

Here is the dilemma as I stated yesterday … how much to move in to protect the trade … today the market went down 1P and then retraced all the way back to entry and a little above taking me out on the short side.

This is what started the rest of the trades … 5 to be exact.

Would I be better off simply allowing the market to take me out at my stop loss until it gets well past 1P on the trade before … “officially” … moving to breakeven on the trade? Obviously, today this would have worked out … like I said from the beginning … I am not worried about 30 ticks on any given day because I know I can make that back on one trade.

What I am worried about is days like today where I get whipsawed trying to get into position … this is an example of a trading day I do not like doing anymore. It becomes too stressful trying to find a place to be profitable.

I had several times today where I was up 1P on the trade and the market came back to take me out … the retracement of the trade today took me out on 3 breakeven trades where the market went to 1P on the trade before retracing.

I will add charts a little later on I collected on the day …


Not much to add to this post from the morning trading … if and but … were candy and nuts then I would have made money today.

Overall, in hindsight, since this is always correct … if I would have held my 2nd trade of the day (short) at 5880, then I would have made target on trade I was looking for initially. The CL Market whipsawed its way down to target today.

I had too many trades on the day … 7 … is too many on any trading day. I will have to do better than this to win the TST Trading Combine. I did cut my losses short … but I had no opportunity today to let my profits run with the back and forth action of the trading session.

In any case, I am WAY TOO CLOSE to MAX Daily Loss now to allow myself to trade anymore on the day. I am not fearful of 30 ticks or the $300 … only don’t want to give up trading when I know I am just one trade away from a winning day.

So I will have to wait for tomorrow … live to fight another day … this is what has kicked in now.


Kind Regards, Good Trading and God Bless,

David M. Knight

P.S. I was not really in sync with the crude oil market today … like I said … live to fight (trade) another day at this point in time.


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.