I tried to get into oil as it rebounded (having been short on the way down). It seems I was overexcited and placed the stop too close. I thought the trend of declining inventories would provide some upside — actually, this was overwhelmed by renewed worries about the economy. The stop was far too close — chart shows entry point and stop position. I knew this was wrong when I woke up this morning (put the trade on late last night), but it was already so close to the stop that I decided to hold on. It’s a good thing I use stops — the charts show the subsequent fall. I took the two strong up days as a bounce off the support level — actually the price didn’t get to the support level at $70 (adjusted for the forward curve) and this seems to have been a pullback in a downtrend. Charts from IG Index.

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