liveoiltradingc
Short

OIL TRADING ALERT #9

NYMEX:CL1!   Light Crude Oil Futures
SHORT $CL_F @ 42.43 STOP 42.73
Comment: COVERED SHORT @ 42.33 +0.20
Wow that is a tight stop, though the direction is right I think! What about this...Stop at 43.59 have a token target at 40.60 (not the best R/R) but it's a start. When it moves in your favor adjust the stop (keep it away from the action crude can move 0.5+ point in a heartbeat.) I used to always think the best approach is to get to a free trade as soon as possible. That has problems like being stopped out prematurely. UNO 'man I could have made 4K but I was stopped out..BUT I didn't lose!' You soon get sick of that. And don't forget Options are a great way to limit losses. Say Buy the 43 Jan Call for say 1.60 get rid of it at 0.80 place your hard stop then. You should be in the money somewhat by then (if not time has killed you with the option) So with that respect this is a timing stop if the market is moving sideways and your option is loosing time value. Maybe move out of the trade and look elsewhere!
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