Wednesday, 16 January 2008

Adding again to Oil short, and reducing the stop

I'm adding to my Oil short from yesterday...I'd originally sold at $92.95, then $91.61, now I am selling again at $90.68. Putting the stop-loss at $92.41, which would be a ~$400 loss if it bounced back up there.

Feb '08 NYMEX contract

Looks like we are into a trend there, if we can just break through $90 then maybe a few more folk give up on the bull side of this trade. Keeping my risk small by just incrementally adding to the position as it goes my way, but this will hopefully still give me a large payoff if I can ride this trend down.


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