Update for the week of August 30th, 2013

Welcome back to CRI's ongoing Crude Oil Day Trading Blog.

The first picture is the daily, weekly and 120 minute charts with Crude Oil's term structure and CoT summary for the week of August 30th, 2013. Each trading day (time permitting) a 15 minute chart is added and trades for that day are reviewed:

 

Market Overview: Labour Day weekend 2013 is finally here and with it comes a nice break and hopefully a resumption of relatively \'normal\' trading environments once on the other side. The summer session itself was rather lack-luster and produced few new trends in what felt like a counter trend trade environment. Should the pre-May prevailing trends resume, September and October may be tough months for commodity bulls. Once on the other side of the pending seasonally weak period, prices may look attractive heading into 2014. That is a long way away from now and my number one short term goal will be to have conservative expectations until we are well into November.

Weekly highlight: The last week of August, 2013 was witness to an almost parabolic move higher to begin with and then just as violent of a move back down to end. Political rhetoric put in a short term bottom through Friday's session but unless there is some serious military action, prices may continue to give back ground as we finished the week still above the 2 hour OTE long sweet spot. Once into that zone, I for one shall be looking for some sort of counter trend (dead-cat-bounce) rally.

Personal journal: I have spent the past year and a half interviewing for this position. I have now been hired - I just have to go out and do what I am good at and enjoy the experience.

Trading Plan: Since I am now 'live', trader discipline has been slowly coming back. I have a reliable model to work with and am comfortable hunting those setups. Since there are no longer any combine objectives to cloud my investment decisions, my only goal is to slowly build both my capital base and mental capital through September by taking valid trade setups and following my model's strict trade management rules. Max risk on any given day is $300 and my goal is to take 3 to 4 valid trade setups through any given day. My weekly goal is to take 50 ticks in net profit.

That's all for this post, 
Brian Beamish FCSI
The Canadian Rational Investor
the_rational_investor@yahoo.com
http://www.therationalinvestor.ca
http://crisdaytrading.blogspot.ca/

August, 2013 $30k 'live' trading plan: