8P Gunning for 10P

Crude Oil Trading May 26th 2015

Tuesday: May 26th, 2015

Today’s Daily Motivational Quote:
“Unless you change how you are, you will always have what you’ve got.” – Jim Rohn

Crude Oil Trading

CLPORT Method:
Long at 5864 at 8:29AM CST. Hit Stop Loss at 5853 at 8:35AM CST.

Crude OIl Trading Today’s 1st trade took an 11 tick loss. it barely took us out before running up … unfortunately … this is the way of the trade. It looked promising, but only my full R would have stayed in the trade today with a stop at 5846 on the trade.

Hindsight is always right … but never right in the trade … if we could trade with the benefit of hindsight … then we would all be profitable traders. I followed my trading plan and took a first trade loss today.

Crude Oil Trading Futures Market is closing in on the 9AM CST Red Report Consumer Confidence … I wonder how this will play out for the rest of the trading day?

LVLTW HVS 700 Bracket Trade #2 and #3

At 9:30AM CST a LVLTW HVS 700 Bar came into action on the trading charts …

Trade #2 took a long at 5852 and took a 9 tick hit on that trade.

Trade #3 short at 5840 and still in trade looking for 10P move to 5777 on trade today.

Crude Oil Market didn’t really cooperate much on the downward move after I got in on the trade. Although, I believe the market will see 5777 before it goes up right now … this is after all only a belief. If I traded my beliefs, then I know I would not be a winning trader.

You must trade what you see … what I saw on my short trade was a bottom forming and I needed to cover the short after no breakthrough to 10P once 8P at 5817 was run on the trading day.

I felt very uncomfortable on the trade and I didn’t want to give any more gain away … so I decided to cover the trade and live to fight another day. Yes, I took a small loss on the trading day overall, but it is better than being stupid in face of what the market was showing me at the time of trade.

Will it go down to 5777?

I have no idea … I believe it will see it … but this is simply a belief and not a fact.

This goes back to the trading rule: When In Doubt … Get Out!!

8P gunning for 10P:
Trade #4 Looking for 10P Down Move from Low at 5808 … Profit Target 5777.

Here is what the market looked like when I decided to attempt the short entry below the low of the trading day at 5808. Short Entry 5807 and Profit Stop on trade was 5787.

Crude Oil Futures Market … 8P was seen believe 10P … trade was a good overall one as we continued to finally give up the ghost on the trading day.

Stuck to my guns … found a decent entry to re-enter trade at lows of the trading day … market didn’t hold at 5808 and went down very very close to 10P low on trade was 5779 when I was looking for 5777 exit on last trade was 5787 on short.

I went 2 for 2 today and made more than I lost. Overall, it was a very tough day to day trade, in my humble opinion. There was LOTS of retracement going on and hard to stay in position without getting gunned out.

Current Market Low on Trading Day is now 5771.

Overall, after a very tough trading day today I was able to go into the green column and up on the day!

 

Kind Regards, Good Trading and God Bless,

David M. Knight
TradeCraze

P.S. CL Power Tradng Method: CL Power Bonus

 

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.

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