Crude Oil Trading Open Trade on April 9th 2015

Thursday: April 9th, 2015

Hello Traders and Friends,

Crude Oil Open Trade …

Open Trade Crude Oil Short at 5135 at 8:09AM CST. 1P Target located at 5101. Profit Target on 2nd Runner at 4965 to Start.

Trade Goes My Way …

Retracement Takes Me Out with plus 4 ticks.

Retracement took me out of my opening trade opportunity this morning. As I look at the market it went on to break down past the 1P profit target after taking me out of my morning opening range trade.

I am looking for an opportunity to get back in … if possible.

Here is the point … the open trade in the crude oil market must be an ALL IN trade. You do not move your stops until either 1P is hit or you get within a couple ticks of the opening trade profit target.

The market will retrace … expect it!!

This is the first day I have been trading in the morning since my restart. What I see is I have to be more patient in my trades to start. It isn’t like the afternoon session where you have the data from the morning to help you in your decision making process.

I am approaching my daily loss limit on the trading morning. Right now, I am down over 500 trading 2 contracts. I am one trade away from being done on the day.

In fact, I just reached what will be my daily loss limit on my trading day, because I did not stay in the open trade. The retracement above … although it took me out … it would have been better to only have one trade than …

5 trades and be too close to my daily loss limit to get in another 2 contract … this day was all set up from my opening crude oil trade then I lost control … it is good to see this though so I can adjust my trading method for it.

I know I will do this in my trading day if allowed to do it … so here is where I will FAIL my combine … I will have to CONTROL this Crude Oil Opening Trade to allow me to breath better in the market as I start my trading morning.

Will I win the day or lose it? It doesn’t matter … I have learned a valuable lesson inside trading parameters with TST today.

NEVER AGAIN allow myself to move to BREAKEVEN on my Crude Oil Opening Trade … it is an ALL IN proposition!!

Looking at the trading day … there have only been 3 real trading opportunities on the trading day … but because of my poor trading decision from my opening trade … this has ultimately placed me in a position to try to get back to breakeven if possible on the trading day.

What I know from my trading past is this is more times than not … not a good overall trading day for me. I would be much better off simply trading the crude oil open trade and then allow the cards to fall where they may fall.

The afternoon trading session is made better for my fine tuning way of trading. What this kind of trading in the morning does to me is place me in a position incorrectly and getting chopped and grinded and very uncomfortable overall.

This whole trading day has been basically wasted because of my poor decision at the opening of the trading day … this is a great learning lesson to remember in my trading day with TST.

I am locked and loaded into my last trade of the day now … win or lose I am out. This whole trading day was started off wrong by my initial trade stop movement.

At 10:05AM CST, I have 1 contract in looking for either 5011 profit target or my protective stop at 5099 on the trading day … this is what I have been reduced to trading … a get back to even at best scenario on the trading day … not the way to trade the morning.

My opening course has been determined now … so even in a bad a good has developed!! (grin)

Good Trading,


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.