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.
