Long Oil, 5/10/10
Trade Description

Long March 10 WTI from 8222 with stop at 8202. This was an attempt to get into the position with more leverage and a tighter stop.

As previous trade

As previous trade

Stop Position
8202. Loss-to-stop=0.125%.

Trading Plan
As previous trade

Entry Checklist

Are you trading against the trend? No
Is there a fundamental story? Yes
Is there a technical buying opportunity? Yes
Is the trade likely to be correlated with other live trades? Yes
Are you placing your stop at a point where the market would tell you you were wrong? Yes
How much conviction do you have? Low
Does the risk accord with the conviction? Yes
Do you have a plan? No
If you are wrong, will you live to fight another day? Yes