Day 8 TST 50K Trading Combine

Thursday: October 22nd, 2015

Day 8 TST 50K Trading Combine: Crude Oil Futures Trading net trading today was 54 ticks on 5 trades.

CLPORT Method: Trend #1 RBV Bracket Trade.

Trade #1 & #2 took a 10 tick hit at the stop loss down 20 ticks. I went long at 4574 on 2 contracts at 8:22AM CST. 1/2R Stop Loss Hit 4564 at 8:31AM CST.

CL Futures Trading Chart: Stop Loss Hit on Contracts 1 and 2 here.

CL Futures Trading Chart: This is showing my last trading exit on contracts 3 and 4. I took 1P on one as it stalled on the retracement back to R1 after going briefly above it. The last contract is shown here at its trading exit based on the BBV Trend #1 bar coming in and I having to respect that may have been a reversal point.

Right now the Crude Oil Market is moving up and has made a double top … I have no idea which way the market wants to go right now so I am standing aside for now.

CL Futures Trading Chart:

CL Futures Trading Chart: Ascending Triangle Formation

CL Futures Trading Chart: Short from 4587 at 9:06AM CST.

CL Futures Trading Chart:

CL Futures Trading Chart:

What am I looking for in today’s Crude Oil Trading? Definitely, a little help to have a trending short movement from the trade short entry. If the crude oil futures market wanted to reward me with a 9P move today, then this would bring the crude oil futures market down to 4422.

So what’s my Profit Target? Well, right now its 4422!! (grin) But, I also have a PROTECTIVE PROFIT STOP in on the trade since we are trading right at the Pivot Point. YOU must RESPECT PIVOT!

CL Futures Trading Chart: RBV 990 is NOT 1000 Volume! Buy Stops Gunned and Runned as we penetrate the Pivot Point. Will we continue to move lower? I have no idea … therefore … I protect GAINS!

CL Futures Trading Chart:

CL Futures Trading Chart: Trading Against the TREND is Dangerous to your Trading Account … one hour of UP movement erased in 5 minutes!

CL Futures Trading Chart:

CL Futures Trading Chart:

CL Futures Trading Chart: Trade Exit Protective Profit Stop Hit 4536 at 11:49AM CST. I definitely debated about placing my profit stop below the pivot point.

The crude oil futures market continued to grind down and retrace. Could I have taken more out of the trade? Certainly, but I am happy with my trading gains.


Today was one of those trading days I like the most. Simply moving my protective profit stop behind the market to take as much as I can on a trade. With that being said, nothing in trading is perfect, but doing your best at all times is what you should be looking to attain.

My trading account moves above $2K gain today and 2 trading days to reach $3K. It is doable, but I will need some help.

Good Trading and God Bless,

David M. Knight
TradeCraze

P.S. Day 8 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.