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
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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
August 4, 2011
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