Do or Do Not! There is No Try!

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“You must learn to translate wisdom and strong feelings into labor.” – Jim Rohn

This quote is so very true when it comes to trading in the futures market with the crude oil market …

Crude Oil Open Range Trade:

Trade #1: Long at 9477 hit Stop Loss at 9463. (27 ticks on 2 loss).

Trade #2: Short at 9459. 1st Contract off at 9433 +26 ticks. 2nd Contract off at 9409 +50 Ticks.

Gain on Trade: $490

Commission: $3.68/RT times 4 contracts = $14.72

Net Gain: 475.28

Opening of Crude Oil Market and what I saw attempt long entry above R1 Line for run up … this did not happen. So I went short on a coil pattern that was bracketed. It was filled at 9459 at 8:26AM CST.

Market a little later on in morning:

The blue arrow above on the movement back up is my exit on the 2nd contract the runner part of the trade on the morning. It also coincided with a nice spike in volume. This could have turned the market around with more effort on the trading day. The blue line above the market is a simple 200 bar moving average.

You can also see that the market was trying to form a base at this point in time with higher highs and higher lows. This turned out to be an opportunity to continue the short, but for me it was a good exit on the trade.

Below is some of the additional charts I collected on the trading day:

The chart above you can see my exit point and then the downward continued movement the orange horizontal line is a price point from yesterday’s trading that held the shorts at bay for the day. Today this was driven through and continued on down … as you can see by the next and final chart on the trading day I collected.

The bright red volume bar below perhaps will turn the market around on the as it was a lot of stop running at this point … with that being said … I have no idea where the market will go next …

But looking at yesterday, I knew the market had a very strong resistance level around 9506 … and a strong support level at 9390. The crude oil market continued to drive down a further 105 ticks to 9285 before stopping the downward move.

As I continue to work my Crude Oil Power Trading Method … these are the kind of trades which can pay the big returns I will need to build an account. But taking singles along the way keeps the lights on … and pays the bills while continuing to build the trading account.

My practice trading account at TST is currently is up $793.76.

 

God Bless and Good Trading,

David AKA Tiger

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.