September 2nd 2014: Sell Crude Oil

Hello Traders,

Boy September already!

Here is one of my trading setups today … I was able to catch a short 9461 at 9:52AM (CST). I was down on an earlier long, but this short allowed me to go first in the black with the first 1/2 of trade, and the runner made it a green day up on the day trading.

Trade Short Crude Oil:

Today was one of those few trading days the market just goes down and doesn’t really look back. During the first 30 minutes I tried to position myself long, but to no avail as I was promptly stopped out of 2 contracts with a loss to start the week.

The market start seeing some buy stops being runned as you can see above in the red/pink volume lines (2 of them). I was positioned short ahead to the stop running due to some weakness in the market not only from the overnight, but the first 30 minutes of trading.

 

This is what the market looked like above as it chopped sideways, but you can see a clear sign of weakness as the market was making lower highs and lower lows.

 

Here is the entry point of the selling opportunity. Some brave souls today selling at the open never looked back in trading for the day! As the High of the Market was never approached right after the 8AM CST open.

This chart above shows a continuation move and another area of weakness as even more buy stops were gunned and runned down. Notice the large volume bar on the chart above.

And to round it off the market continued to show signs of weakness. I was short for most of the day after I got in above.

I did attempt to go long later in the trading day when we had what I perceived as a massive amount of buy stops being gunned and runned allowing blood in the water … and an opportunity to attempt another long.

My last trade after my short was go long … I went out at BE and called it a trading day.

 

Good Trading,

David AKA Tiger

P.S. Remember the quote from yesterday … it is what it is truly like to be successful as a day trader!!

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.