Shorting US Crude Oil – Stopped out!
With the stock markets looking weak, Oil is said to follow. I had entered a short on a previous day low and also under the round number at 9100. My order was 9090 and it got hit. However, soon after this the market went up and it wasn’t even certain as to whether this trade would go the right way. With breakout trades, I should have perhaps saw that this wasn’t going anywhere and closed out before my stop was hit. However, the market moved 20 points above my stop before it did stop and reversed strongly, falling back down towards my initial entry and beyond. As I write, the market is at 9030 which would be a nice 60 points up.
Markets do play games like this and can lead to frustration. It’s important to stick to your game plan when the markets don’t behave.
