Day 6 TST 50K Trading Combine

Tuesday: October 20th, 2015

Day 6 TST 50K Trading Combine: Crude Oil Trading Net Ticks today was 64 on one trade today (one contract trading).

CLPORT Method: No Trade Today

Here is the FIRST possible trade setup of the morning in the Crude Oil Futures Market:

Only TIME will tell, if this or this is not a trade entry today … the Crude Oil Futures Market is pretty close to the Pivot Point during the trading session, but has not broken through it. The Pivot Point is located at 4690.

My Crude Oil Trade Entry is to short 4656 right now … no trade … order cancelled at 9:40AM CST.

Right now the CL Market is one tick away from the Pivot Point in the trading day … slow grind up, but I had no signal to get long on my trading strategy today.

Penetrating the Pivot Point during the Crude Oil Future Market Trading Session:

Trade #1: Short 4665 at 10:01AM CST.

Crude Oil Market Finally Reaches 1P on the Trade (P is a concept I developed from reading Dr. Van K. Tharp’s trading books … in it he talks about R Multiples.) Anyway, I call it R&P on my spreadsheet.

  • R for Risk
  • P for Profit

(VIDEO CONTENT GOES HERE on BLOG POST)

Crude Oil Futures Market finally achieving its 1P profit target. By the way, on the trade, I moved to breakeven much sooner than waiting for CL to get to 1P profit target. It is what I call time based stop movement … plus watching the lower highs on the tick chart.

2P and 3P achieved on the Crude Oil Futures Market Trading Session … will we continue to go lower?

Retracement back to Settlement from Monday …

Crude Oil Futures Market went down to S1 and has put the brakes on … what is shown here is what I like to call a FAKEOUT Pattern when it is not supported with Volume.

Crude Oil Market shows some buying stopping volume … will it be enough to stop the downward movement of prices today?

Crude Oil Futures Market reaches my Protective Profit Stop 4601 at 1:13PM CST today plus 64 ticks on one trade today.

So during the trading day I was in the trade a little over 3 hours today. Most of this trading day was simply moving my protective profit stop behind the trade to take as much as possible out of the trade, while still allowing room for the market to continue the movement.

Today, after the “stopping” red bar volume (RBV) bar comes into the market at the 4P profit level, it gave the signal to tighten up the protective stop. This allowed me to take out a total of 64 ticks of profit on the trading day today on only one trade.

 

Good Trading and God Bless,

David M. Knight
TradeCraze

P.S. Day 6 TST 50K Trading Combine Summary:

 

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.