Thanks for stopping by and reading my blog for December 1, 2015. It’s Tuesday and today we traded live in the Live Trade Room with our students.
Momentum was bearish overnight and into the pit session open of the Crude Oil futures Market, I shorted 41.65 about 30 min before the pit open and netted +26 ticks on that trade. A good start to the session.
Momentum started to shift and I patiently waited to see if this was just a small pullback or would it continue to new highs. We spotted an opportunity for a reversal and I had two swings at it before running nicely in my direction for a full target and ending my day with over +60 ticks (+$600) after commissions.
Tomorrow is Crude Oil inventories day and it’s no secret I do not trade my best in the oil market on these days. I will be looking for trades with very small position sizes and I have also decided to watch the ES (Emini S&P 500 Futures Market) a little closer. This may or may not be a good plan for me on Wednesdays, only time will tell. But for now trading small size will be key for me moving forward.