Trading Gain of 56 Ticks Today in Crude Oil … First STAB Hit!

Hello Traders,

Today was a nice trade setup and nice overall win trading one contract in the Crude Oil Market today.  Once again, the trade showed a LONG entry at 10:09AM Eastern time.  I was long from 105.71 with a 2P target of 106.33 in today’s trading.  (See Attached Trading Chart).  I was out on the trade at 106.27 in today’s trading.

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Some of my Trading Notes:

012 formed again … will it hold??  Still a double bottom by definition … only 4 ticks separate the lows.  Entry at 105.71 for now … today we do have Federal Budget Balance at 2PM Eastern as I look over the economic reports for the afternoon.  The longer it takes to find an entry the more power this report will hold.

LADR is at 105.04 currently … will we reach down there?  NO … I am long at 105.71 looking for 1P to be run before moving to BE.  My stop is at 105.47 currently.  Top target on trading is 3P … although I will be quick to take a 2P move if available.  Today 2P on this trade is at 106.34 … 3P is at 106.65 … 1P is at 106.02 … which is below the PDL … yes … we had enough room for profit on trade entry.

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Today’s trade also marked the first STAB (Starting Trading Account Balance) wire out.  I will talk more on this on my next post.

YouTube Video:  March 12th, 2012: Crude Oil Trading

A Quote for Today:  “How could I earn $10?  Because you can’t go to the soil and say, “Give me a harvest.”  You know the soil smiles and says, “Who is this clown that brings me his need and brings no seed.” – Jim Rohn

 

Good Trading,

David “Tiger” Knight

 

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.

  • Han says:

    Congratulations on advancing so rapidly to your first milestone. Enjoy total focus on discipline and watch the send milestone soon pass.

  • TradeCraze says:

    Han … thanks … I agree totally with your statement. Discipline … Trading Discipline … follow your trading signal entry and exits. Know exactly how you will handle every trade and have a plan for each trade before you start.

    David