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.
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
This is what happened from trading crude oil. The trade was opened last week and the blog entry for it is here: http://www.makemesomemoney.co.uk/days-of-negative-price-action-on-crude-oil/ This is another example of when holding out for larger moves doesn't work out and is therefore making it hard to justify this way of trading. This week, two trades were stopped out and both in loss when if I had followed my previous way of closing out trades I would have been in profit. The chart is b
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