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