Grade=D
The setup: rubberband snapback long (short of oil)
The result: This was a painful trade to be in which was a waste of my time and attention. Luckily, it wasn't also a total waste of money, although there was the opportunity cost due to my attention being occupied.
I added to the position (risky) when I thought there could be a double top being put in. Oil was very stretched to the upside at this point for an intraday move after breaking through a few intraday resistance levels. When I could comfortably do it, I had my hard stop above break-even and raised it a little before being taken out by the strength of oil on the huge rally. I also bought BAS for a swing to provide a bit of hedging.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-08-27 12:04:07 | SCO | buy | $109.990 | long |
2015-08-27 12:54:28 | SCO | buy | $107.530 | long |
2015-08-27 13:42:07 | SCO | sell | $109.450 | 0 |
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