Up Up and Away in the Crude Oil Market!

Hello Traders,

Today the Crude Oil Market was well above the Prior Day High (PDH) before the open outcry of the market at 9AM Eastern time.

You know sometimes the world and trading just makes total sense.  If you have been following my personal trading journal online here, then you know we have been trading between the 50 Bar Moving Average, and the 200 Bar Moving Average on the Daily Chart.

Calvin and Hobbes Balancing

Calvin and Hobbes

Occasionally, the market rewards you for your diligence and your persistence.  This is one of those trading days that come into mind.  An easy trade and out on the trading day today.

April 17th, 2012:  200 Trades Chart

I waited for the open outcry to start at 9AM Eastern time, then jumped into the market on a market order.  I don’t normally believe in trading on market orders, but this was one trade, I believed was destined to go much higher.

April 17th, 2012:  2000 Trades Chart

In my trading notes, I was within 1 tick of the High before the pullback.  It moved too fast to take advantage at this level.  In fact, I was looking for a move to go roughly 10 to 20 ticks above the 50 Bar Moving Average on the Daily Chart.

At the time of the trade the 5o Bar Moving Average on the Daily Chart was at 105.08, and the market went to 105.07, and then pulled back.  My 4P target on the trading day was at 105.13, but I was looking for 7P overall on the trading day.

Overall, it was a relaxing trade.  I tried one more entry at what I perceived to be decent support, but it broke through.  My first trade earned 70 ticks, and the second trade lost 11 ticks.  I made 59 ticks on 2 trades today.  In dollars, this means $578.00 after paying commissions.

I decided to include my trading video on the day for your review.  This trade was all over before 9:30AM Eastern time, but I felt like it was 11Am when I was done.  I definitely wish all the trades were like this one … but occasionally you are rewarded for your patience, persistence, and perseverance in the markets as a trader.


Good Trading,

David ‘Tiger’ Knight

P.S.  April 17th, 2012:  Trading Statement





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.