Here is a update on Day 7 and Day 8 of my 150k TopstepTrader Combine. In the overnight session it was clear that Crude Oil made a large bearish run below the mid $26.00 range. by the time the pit open came around it did start to serge north.
I anticipated some volatility at the pit open (9:00am EST) looking for a quick push further to the bullish side. Had an order ready and quickly reduced risk to break even plus one. The reasoning behind reducing risk so quickly was I know from experience the pit open can get pretty choppy and volatile so as soon as it ran in my favor I dint want to get whipped out. You can see by the picture below it was a good decision.
I anticipated another run so back in long and this time it moved very quickly to my target. Entry at $26.78 and exited at $27.02. Two good trades and that ended my trading session.
We take our trades on a small time frame which allows us to use a small stop loss to ALWAYS put risk/reward in our favor. You can read more about the momentum trading strategy by clicking the underlined.
Not much to write about on Day 8, I really did not like the action after taking a couple trades for losers.
2 more days left to trade to complete the 10 days needed to finish the combine and to move on to the funded trader preparation part of the qualifying. Monday the 15th of February is a Holiday so I will not be taking any trades.