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Crude Oil Trading July 8th 2015: Welcome to the Chop Baby

Wednesday: July 8th, 2015

Welcome to the CHOP Baby!

Crude Oil Trading: CL is hovering around the Pivot Point this morning at the CL Open OutCry at 8AM CST. What does this mean? Indecision is what I am interpreting this to mean right now.

Yesterday’s Trading Report:

Overnight news … China has a big selloff … CL Market reached down to $50.54 before retracing all the way back to yesterday’s trading range before break to that level yesterday. Right now Crude Oil Trading the CL Market is trading at 5232 right at pivot.

Damn Grinding Stupid Market!

No Momentum after the CL Inventory Report … whipsaw back and forth action … I did my best in the chop … but I am done for the day trading.

My best trading day produced 2 breakeven trades and 4 losing trades for a total of 6 trades. I was looking on the trade … Long to reach at least 5255 and the low to reach at least 5108. Neither one was run while I was trading in the market after the release of the CL Inventory Report.

ONLY CHOP was Produced in my trading session … I am too close to Max Daily Loss to continue to trade … so LIVE to FIGHT another day as a trader is the rule!!

 

Good Trading and God Bless,

David M. Knight
TradeCraze

P.S. I almost went short at 5200 at 9:32AM CST … but I didn’t pull the trigger … see chart below. By the way … this trade would have been no better than a breakeven trade as the market retraced all the way back to 5202 on the way up after the initial push down after the report.

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.