TST 30K Combine

TST 30K Combine Day 2 August 23 2016

TST 30K Combine Day 2 August 23 2016

During the trading day today, I had 7 trades for a net of 17 ticks profit on the trading day. I missed out on one hell of an up move, but I was able to catch the retracement short trade back down to a key fibonnaci level.

I was down 32 ticks before I turned it around with a 49 tick winner on the trading day. Obviously, I wish I would have been able to catch the long trade, but it is filed under the woulda/shoulda/coulda tab of my day trading.

Futures Day Trading Summary Video:
Futures Crude Oil Day Trading Room Content Video:

 

 
Futures Crude Oil Day Trading Charts: Day 1 Trading Account Summary

  

Futures Crude Oil Day Trading Charts: Day 2 Order Fills

Futures Crude Oil Day Trading Charts: Woulda/Shoulda/Coulda Long Trade

Futures Crude Oil Day Trading Charts: WOW What an UP Move!

Futures Crude Oil Day Trading Charts: 6P Profit Target Hit

Woulda/Shoulda/Coulda trade had a possible profit of 123 ticks today.

Futures Crude Oil Day Trading Charts: Short Entry 4816

Futures Crude Oil Day Trading Charts: Fibonnaci Retracement

TST 30K Combine Day 2: To Sum It Up

My day trading today could have been better, but I feel fortunate not to lose my cool. I was able to make the best of a bad situation and turn my loss upside down into a winning trading day. This obviously doesn’t happen all the time.

But I am not one to look a gift horse in the mouth … yes … I file this under the lucky tab … but was it? I have too many of these kind of days that would make it a lucky day. It is in my trading plan to know exactly how I will attack each and every scenario that comes up in my crude oil futures day trading.

I am smart enough to know that when one door closes, then another door opens. I missed the long trade today. I did not chase it after it took off from the launching pad.

What I did was wait for an opportunity to take a retracement trade back to a level I believed traders would head back too.

Why? You have two mindsets. Those that want to buy a level and those that want to sell a level. I don’t care who wins the fight after I am out. I am simply looking to recover at that point in time and trade for another day.

In other words, live to fight another day!

 

Good Trading,

David M. Knight
TradeCraze

P.S. Tomorrow is Crude Oil Inventory Trading day check out my trading strategy for it here!

 

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.