Posts Tagged trading oil
I shorted Oil (WTI Crude) last week and unfortunately the trade went against me and I lost 200 points. Unfortunately, in trading this happens but over the long term I expect that I will win more trades that I lose so it doesn't bother me too much. Anyway, here's the reasoning behind the trade.
If you look at the weekly trade, you would see that the 10600 level actually was a strong support and resistance line in the past.
Where I have green arrows you can see how the price had reacted
July 21, 2013
No Comments Full Story
Last night, I had put on an order to buy Crude Oil at 88.50. There was a nice bullish pinbar and I thought that we would see a retracement before a further move up since the bar was already so bullish (strong moves usually mean a pullback somewhere before further moves). The price action was strong and it didn't retrace at all and moved a further 200 points up. Unfortunately for me, it meant that my buy order wasn't trigger and I missed the action.
April 24, 2013
No Comments Full Story
Unfortunately we suffered another loss trading oil last week - this time a countertrend trading Oil. We've not been having much luck lately :(
The trend was down but you can see that there was some support which had formed around the 9200 mark. I had gone long Crude Oil at this point expecting a move up to 9400 and beyond. The market did move a little bit up from my trade the following day but the following day, it fell hard, our stop was hit and I was nursing a 100 point loss.
Counter
March 3, 2013
No Comments Full Story
« Older Entries
Newer Entries »
