Day 7 TST 50K Trading Combine

Wednesday: October 21st, 2015

Day 7 TST 50K Trading Combine: Crude Oil Trading Plus 41 ticks today on 5 trades.

By the way, I was able to trade 2 contracts as my account was up over an 1K gain, then down, then back up over. So my trade sequence today was long 2, sell 1, long 2 for those that care how I attacked the market today.

This is a concept called Delta by some traders in a fixed fractional money management system to increase contract size. I am using a delta of 1000 to trade 2 contracts. Basically, what this means is I needed to get above 1K in gains before I could add another contract. Obviously, you have to decrease it when below back down to 1 contract.

CLPORT Method: (I DID NOT TAKE THIS TRADE TODAY!)

Trade would have taken a loss of 9 to 10 ticks today from trade entry. I am not a huge fan of trading in front of the crude oil inventory report. There is enough money to be made or lost after the CL Inventory Report Release each given week.

Here is the 15 Minute Chart Showing a Trading Channel during the Session:

CLPIT Method: I am waiting for the Crude Oil Inventory Report to be Released then take on a trading position.

Today’s correct trade entry should have been at 4517 a little after 9:35AM CST.

Next CL Trading Chart: Crude Oil Futures Trading Charts shows correct entry point.

Next CL Trading Chart: Here is the Square of 9 Gann trading entry points today on the successful bottom of 4484 holding. The point for Gann I used was 4524 to find a place to get long above.

Next CL Trading Chart: Crude Oil Futures Market goes on to 2P and 3P … also notice we had a BLOWOFF VOLUME Blue Bar Volume (BBV) come into the trading session.

Here is where I took one out at 4575 and moved the other contract to a reasonable support level I wanted to see hold for any continuation for the long.

Next CL Trading Chart: Crude Oil Futures Market Trade Exit on the 2nd contract.

Bottom line, I had to fight a bit today as I once again came in on a false signal for my original 2 contracts. I didn’t notice my trading mistake until it has already taken me out on the trade at the protective stop loss; otherwise, I would have flatten out the contracts and looked for the right entry.

This came for me at 9:52AM and again at 9:55AM. There is a concept that Gann teaches called the Square of 9 … I found a decent place to re-enter the market from the trading low of 4484 versus the square of 9 number 4524 in today’s trading. So, basically I was looking to go long above the Gann number as there wasn’t an opportunity to trade the level for the correct entry.

Once again, I was able to net out 41 ticks today, but I wanted a lot more to get closer to the 3K Profit Target at TST on the 50K Trading Combine. My trading account stands at a gains of $1.5K as of today and 3 trading days to achieve the profit target.

 

Good Trading and God Bless,

David M. Knight
TradeCraze

P.S. Day 7 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.