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FTP Day 6: Funded Trader Preparation

Wednesday: September 8th, 2015

FTP Day 6: Funded Trader Preparation

Crude Oil Trading

Trading Quote: “He went out with the tide.” – Richard Demille Wyckoff (on the Failure of Averaging Down as an investment/trading strategy)

We are trading above the Pivot Point in early trading as we open up the Crude Oil Market at open outcry here at 8:00AM CST. Currently, I am waiting for the 8:05AM CST price action bar to print so I can define the crude oil opening trading range for today.

CLPORT Method: Trade #1 Short at 4566 Time of Trade is 8:08AM CST.

My TopStepTrader FTP Trade Report did not update from Yesterday’s Trading, but here is the screenprint of the account balance page on CTS:

Trade #1 hit its stop loss on the trade at 4583 (minus 17 ticks). CLPORT Method Trade is completed now.

Trade #2 is a LVL HVS 700 Bracket trade. The Upper Bracket was 4581 and the Lower Bracket at 4565. Short entry 4565 at 8:41AM CST.

On this trade, we finally retested the Pivot Point. Right now, we are looking to see if the market wants to continue going down, go up, or simply settle in for a long nap.

As I am typing this out, the trade has settled right around the pivot point. I have moved my stop loss to breakeven now … this is a time stop on trade movement and to protect against failure on trade at the pivot point. Basically, if the market wants to go up from the pivot point I want out and not hold above my short entry point now.

Crude Oil Market finally goes below the 1P mark and makes a new daily session low. Will we see continued downside pressure on the trading day? Right now my profit target is 5P from the Open of the Crude Oil Session located at 4391.

Time Based Stop Movement to make a Positive Trading Day on FTP Day 6. After the movement and price action, I have decided to make a movement to insure a gain on the trading day and effectively eliminating my risk on the trading session.

If filled will only have a couple ticks gain … but it is above the pivot point to take me out and supported by price action. So it looks like a decent place to call failure on my short trade.

Crude Oil Market decided to move to my time based profit stop and price action stop on the trading session. Trade exit was 4545 at 9:45AM CST.

Overall on two trades, I netted 3 ticks of profit. I lost 17 ticks and won 20 ticks on the second trade. This is the age old take what the market will give you and when wrong head for the exit quickly.

This completes Day 6 of the TopStepTrader FTP: Funded Trader Preparation.


Good Trading and God Bless,

David M. Knight

P.S. By the way, if I wasn’t in FTP I would have held and waited to see if the market wanted to truly go up or down. But with the FTP and the qualifications already won at this point in time with the exception of two things: 1. 10 Days of Trading. 2. Win Day Percentage greater than 45%. By taking the small win today I fulfilled the Day Winning Percentage side of the trade. With price action today, I would have made the market move above 4555 to take me out.

Crude Oil Trading Chart:



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.