Short Cruide Oil 82.80 via HOD.TO @ 9.03, Stop 8.80

Update the day after: Stopped out at $8.81 for a loss of $64.90 = 0.7% of account.

I’m giving this short oil play another try. See the topping COT (CFTC: Commitments of Traders) lagging open interest data (bottom of Fig. 1). I waited for a breakdown in the hourly chart (Fig. 2) to make my entry into this short. The market has been coiling up for the entire month of October. Something big is about to happen sooner or later. Perhaps the U.S. midterm election tomorrow can finally move this market?

Stop is at 8.80. Risk is ($9.03 – $8.80) * 250 = $57.50 + $9.90 commission = $67.40 = 0.68% of account. Position size is still small with this lack of market volume.

Crude Oil

Crude Oil, hourly chart

Related posts:

1. Bought 300 HOD.TO @ 9.19, Stop 9.05
2. GE: Short entry stop @ $13.93
3. GE: Short entry stop @ $13.35
4. VE: Short entry stop $27.85
5. GAP entry short stop $6.89, exit buy stop $7.41