I was stopped out of both long oil trades. The more leveraged trade with the tighter stop was an experiment and not totally unreasonable. The problem was rushing it. The later spike downwards, quickly followed by a reversal, is an opportunity to get in with a tight stop; the entry point I chose was not, really: the support level is not very strong. Here is the chart again:
The other trade was badly executed. Again, I rushed in with too eager a buying level and too greedy a stop. Why on earth would anyone put the stop where I did, instead of a few points lower, below a likely support level? I placed the stop wide, as I had planned, but I didn’t do the obvious thing because I felt I was already giving up enough upside potential by having a relatively wide stop. In fact, if a stop is above the next support level, it might as well be a lot tighter.
Oil had a strong up-day and I turned it into a losing trade — bad bad bad.
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