Seeing the Crude Oil Market Clearly

Hello Traders,

miley why“You are what you think.” – Napoleon Hill

First off, things that were not on my bucket list … seeing Miley Cyrus twerking … that was not on my list of things I wanted to see before I die … that is for sure!!

Tuesday … stay Patient. and the 3 C’s!! I had an open order at 9135 and it didn’t fill it. After this trade, I decided to simply enjoy trading and have some fun either a big win or down to max drawdown.

I saw the market pretty well today on both sides … the short opportunity at the CL Open Range … and the reversal a little later on in the morning. So now that I know not to take 4 trading losses in a row … I will stick to 3 trading losses in a row this also coincides with LTP (Live Trader Preparation) trading rules.

Some charts on the trading day … all in all a pretty relaxed trading day. Since I blew the practice combine yesterday I was having fun pressing buttons. I was happy with seeing the market and getting some of the middle of both the short and long trade opportunity today.

CL Open Range Trade: Short at 9135 time was 8:13AM CST.

This trade reached 1P at 9113 at 8:17AM CST and 2P at 9090 at 8:31AM CST. See below the BIG Volume RED Bar yielded the end of the downward move on the trade and an exit point.

Trade #2: Long Entry off of HIGH VOLUME RED SPIKE Bar … I was able to get this at 9133 at 9:06AM CST … but there was a better signal earlier on the Pivot Point. I was still in my Short on the trading day at this point in time.

The high of the trading morning before backing off was 9190. I was able to catch the middle on this trade … and proved to myself one trading day does not a life time trader make. Yesterday, if I would have simply stopped trading … I would have made up most if not all my trading losses on today’s trading.

The chart below shows the market moving up and past the R1 line on today’s trading at 9158. High of this chart below was the 9190 before backing off on the morning run.

All in all … it was a range bound day … but it offered two opportunities on the trading day during the morning session … this is the session I like to trade the most and be done with my trading before lunch time.

 

God Bless and Good Trading,

David AKA Tiger

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.