Bought 250 HOD.TO @ $10.92

I shorted oil using a Horizons BetaPro ETF (HOD.TO) at $10.92 purchase price for 250 shares. Spot crude oil is about $74.75 at the time. US DB Oil Fund (DBO), which is my proxy for my oil trades, is trading around $24.35 at the time of this entry. This is just below previous support-turned-resistance at $25. See Figure 1.

U.S. DB Oil Fund (DBO)

This position is also my bet on an equities downturn soon. I considered buying puts (shorting) on Barrick Gold (ABX.TO), but I chose to be more conservative with a smaller position in HOD.TO instead.

I actually opened a low-ball offer on HOD.TO at 10.60 in the morning. But seeing that HOD.TO never touched below 10.70 today, I got impatient and executed a market order when I saw it edging above its trading range.

My stop for this position is 10.60. Risk is $0.32 x 250 = 80 + $9.90 commission. Which is about 0.92% of my RRSP trading account. This is more in-line with my preferred risk level than my recent options trades.

DBO intraday

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