Wednesday: January 27th, 2106
Crude Oil Futures Day Trading
Do NOT let the outside of not being able to log into my SIM account to effect my trading day! Work for a resolution with TST. Just got off the phone with support at TST, they said I should have my sim account ready to go in 30 minutes. Normally, this would not be an issue, but I am unable to get Tick charts on T4 with my Funded Account only the sim account has the Tick charts.
I could get this as an addon for around $200 … this is something I will do in the future … but why you don’t have the full package to start with is a little confusing as I am trading REAL money for TST now.
You would think this would be a top priority to make sure your funded traders have the best package available to them.
As I look over yesterday’s trading the Crude Oil Futures Market on the 15 min chart, we went to a high of 3241 around 12:15PM before selling sharply off to 3028 by 3:30PM CST. This is equalivalent to a $2 sell off in CL in 3 hours or $2,000 (200 ticks) in this time period. Why?
Was this in advance of the FOMC Statement and Report today? Seems like a case could be made … or another reason … regardless it is a very volatile market that turns on a dime in either direction. This is what makes it such an explosive and profitable futures trading market.
Ok at 9AM CST, I am up and running and ready to go!
Today is the CL Inventory Report Release day at 9:30AM CST. I am watching and waiting to see if a trading signal develops or not after the report release. As I take the time to set up my trading sheet (plan) I can see 1/2R is at 15 ticks and 2/3R is at 20 ticks on the morning trading session. This will allow for a 3P move of 100 ticks.
100:15 Reward:Risk Today:
In my trading journal (my black book) I have written the following today:
“Crude Oil Market is becoming or going into an extremely (volatile) area.
Today Trading Risk:
- 1R (Full R) is 30 Ticks
- 1/2R is 15 Ticks
- 2/3R is 20 Ticks
The double edged sword of the risk side is the profit potential on trading the CL market. Today the 3P Range (profit target) places it at 100 Ticks (that’s $1K Gain to be correct) today.”
Calm Before The Storm:
After the CL Inventory Report, I was looking to go short. I was able to find a decent entry at 9:49AM CST. I went short 3151 at 9:49AM CST. In addition, we have already went to a 1P Profit Target located at 3118 on the trading session. SO what this means I am at a breakeven trade now plus a couple of ticks.
Will it continue to move down? I don’t know … I only take the trade and allow the Crude Oil Market to dictate what it wants to do.
Crude Oil Futures Day Trading Chart: Breakeven Trade Exit
My Trading Spreadsheet Today: Notice the ADR (Average Daily Range)
Crude Oil Futures Day Trading Chart: SIM Trade (we were not allowed to trade the funded account – by the way – I agree with them that Rules are Rules)
Crude Oil Futures Day Trading Charts:
By the way, the SIM Trade took 52 ticks profit out on the trade … 1.5P was equal to 50 ticks in today’s trading. I am in total agreement with TST, until you can prove you can trade a report (environment) it is their money until I withdraw it. (Jesse Livermore) I am trading not my own. So there was no greenlight to trade the CL Futures Market for me today after the FOMC release.
But I wanted to record the trade in any case, so I did so on my SIM account with TST. The entry point was to go long at 3175 and I was filled 2 ticks favorably … this does not happen in the real world by the way!!
Anyway, this would make the profit target of 3P at 3274 on the trade and I was able to profitably take out 1.5P on the trade while only originally risking 12 ticks on the entry today … (1/3R+1/2R)/2 = 12 tick stop today on FOMC.
Bottom line, I am very thankful for the opportunity to trade with TST (TopStepTrader) and I am in full agreement with every rule they have to PROTECT US FROM OURSELVES!
Good Trading!
David M. Knight
TradeCraze
P.S. More To Come Later …
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.
