So here we are an hour 15 later. SKF showing a slow down of the trend so I'm covering and going long. $ 12 run that I doubled up into.
SKF.
RIG $ 2.30
OIH $ 2.40 after a little shake out at the start.
Markets pointing down.
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5 comments:
Hey Scott, I can see the long entry on OIH around the 11:15 bar, which looked good for a few minutes and then dropped down to 70.71 about 25 minutes later. Would you have been stopped out?
Ya, I took a loser at first then got back in at about the same place. That's why I said "after a little shake out". I could have been more clear on that one.
I figured as such. I could see that it might be within your allowable draw down and thought I would ask. Thanks for clarifying that.
Hey Scott,
Can you expand a little bit about the OIH trade please. Where did you set your initial stop? Where and why did you decide that you were right and you jump back in?
Jesse,
I had 3 OIH trades, first the short, then the reversal which got stopped , then the long when the reversal continued. On the first long entry into the reversal I had a .15 stop.Which I took. I got back in because RIG, another oil stock that I traded at the same time did reverse and never came close to getting stopped. If I remember correctly, oils were trading contra the market direction so when the markets reversed so did I.
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