eMini Bull Bear Trading Method

FTP Day 3 September 3rd, 2015

Thursday: September 3rd, 2015

Funded Trader Preparation (FTP) Day 3: Crude Oil Trading.

Today I am looking to get short on the opening range trade. We have a blue bar volume of 945 printed at 7:51AM. I am waiting for the 1-2-3 setup to get in on the short trade.

Today’s Trading Quote from Richard Demille Wyckoff: “But trading and investing is like any other pursuit — the longer you stay at it the more technique we acquire, and anybody who thinks he knows of a shortcut that will not involve ‘sweat of the brow’ is sadly mistaken.”

We are trading in between R1 and the PP in the morning trading.

The CLPORT Method (NO brainer) trade is to take a short today … still waiting for the market to setup at 8:11AM CST. Our ADR has really risen over the last week from the 2 handle to now over the 4 handle. IN trading today, it is currently 4.38 ADR.

What this means, is the 1/2R will be employed at 22 ticks (stop loss) on any trade. The 1P profit target today is 50 ticks. Current market conditions, I am looking to short at 4631.

Trade #1 Short at 4633 at 9:15AM CST.

Today’s CLPORT Method trade took a 21 tick loss out at 4654 at 8:17AM CST.

For my last trade of the trading session, I am looking for a tiebreaker. This is a LVL (let volume lead the way) volume bar to make any decision on direction. I am waiting for the 8:30AM CST to print on the charts, then looking for an entry point.

Trade #2 is an LVL HVS 700 trade (Let Volume Lead the Way).

Long Entry point at 4693 at 8:42AM CST.

Here is the Trading Range after the TieBreaker Trading bar … what I do is bracket this trade entry and go with the trade the market enters first and cancelling (pulling) the other order.

Here is an trading example of running stops on the sell side … normally I like to see 2 of these during a trading day to determine the actual trend of the trading session (day).

The hardest part about the LVL HVS 700 trade is remaining confident and patient after the entry … the market will more times than not retrace all the way back to the entry point. If it is a valid signal it will hold. If it does not hold, then this is my second loss on the trading day and I will be done for the trading day.

1P Profit Target Hit at 4742 and the R1 Line has been penetrated successfully.

7P Profit Target on the trading day is 4956, by the way, from today’s open of 4611 in Crude Oil Trading.

The 2P Profit Target was hit at 4792 in Crude Oil Trading today (plus 99 ticks). I have moved my stop from breakeven to a little below the R1 line today to protect profits and finish the trading week and today positive.

3P Profit Target Hit 4841 at 9:56AM CST. This requires moving profit stop to 1.5P now, which is located at 4767 in today’s trading now.


Will we hold the 1.5P Level in the trading day?

Trade Exit was 1.5P Protective Profit stop at 4767 filled at 4768 at 10:08AM CST today.

 

Crude Oil Trading for today:

  1. Trade #1 lost 21 ticks.
  2. Trade #2 won 75 ticks.
  3. 3P was hit at 148 ticks

(selloff took me out of the long after printed 4841)

 

Good Trading and God Bless,

David M. Knight
TradeCraze

P.S. My FTP Profit after 3 Days of Trading in Crude Oil net is $1,906.88.

 

 

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.