There is is ample oil supply in the market and the dollar is so we expect more downside over the next few weeks. But for now we will take this opportunity and run. Our long entry is 92.90.
My crystal ball is in the shop so to answer your question...I have no idea if it will bounce. Here's what you can do:
1. GTFO...Get the heck out of the trade now and find a better set up.
2. Place an "uncle" stop and if it hits just accept it and move on. You will be looking for entry or small loss to get out.
Let me suggest something:
1. Make sure you have your trade setups defined! Know how they work, why they work and what you expect from them.
2. Use this site to learn new material and ask questions. There are loads of great traders on the site but we would never take a trade off a post!
3. Lastly, set rules for your self and trades. For example, if you do take a loss on this trade...take a break and learn why. Ask yourself the hard questions and be honest with yourself. You not going to get better if you don't. Then ease back into it.
Hang tough...if there is one thing I can guarantee it's that you are not alone. ALL traders have experienced a trade that got away from them. It happens to all of them. Don't let it define your trading or you...it's just a trade and it's money you lent to someone else for a little while.