Hello Traders,
“The starting point of all achievement. Let us repeat: The starting point of all achievement is definiteness of purpose with PMA (Positive Mental Attitude). Remember this statement and ask yourself, what is my goal? What do I really want?” – Napoleon Hill
New Practice Combine Starts Today … CL Open Range Trade.
Trading Rules: 2 Contracts. 2 Losses in a ROW done for trading day. Setup at 3P to start and adjust as time moves on.
CL INVENTORY TODAY … Stand Aside close to REPORT!
FOMC TODAY
Trade #1: Long at 9476 at 8:21AM CST. Hit Stop at 9457 at 8:26AM CST. (38 ticks)
Trade #2: Long at 9475 at 8:40AM CST. 1P Hit at 9502 at 8:50AM CST. +27. PS Hit at 9475 at 9:00AM CST. BE.
Crude Oil Open Range Morning Setup:
Here is the CL Chart a little later on in the morning:
As you can see, the market ran to a little below the morning range high at 9506 to 9503 … then it turned around ahead of the CL Inventory Report. This concludes the Crude Oil Open Range Trade for today.
Crude Oil Inventory Trade:
Wednesday Report at 9:30AM CST … plus 3.7M (surprise – more than expected)
Trade #3: ??? I was looking SHORT ONLY on the Trade because of the downward movement … did we just base and go up?? Perhaps the 012 needs further proof to go LONG to go against the established morning trend … or is this considered Range Bound … I did not get in short on trade it was not filled.
Trade #4: Long at 9414 at 10:02AM CST. 1P Run at 9442 at 10:20AM CST. There was a HUGE MOVE at 10:02AM CST off the bottom of the trading day … a lot of buyers came into the market and ran it up … looks like it was rigged to move up on the 90 level on the day. I didn’t get the note to buy there … haha.
Crude Oil Bottom Basing Chart:
Then MARKET took off to the LONG Side … as buyers came in … it came off the bottom like a SLING SHOT sending a rock up … pretty neat.
Long Trade … 1 contract out around the 1P … probably should have just take 1P on the 1st contract all the time … YES trading 2 contracts take the 1P on any LONG Trade … and go for 2P on any SHORT Trade!!!
The runner can be my FUN trade.
Bracket Market at 11:39AM CST … Long at 9429 … Short at 9415.
As My Beloved Cartman says …
God Bless and Good Trading,
David AKA Tiger
Profile at Top Step Trader
P.S. Net of all trades today I was up a net of $73.20 on 10 trades total today. I am taking my ball and going home and calling it a day!!
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.
