There was a very bullish inventory report that did not break $49.00, nor was it able to stay above too convincingly today (Thursday). This idea is premature because there is no candle to imply a downtrend, so it would be smart to keep a small lot size until there is a red candle below $49.00.
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Well, it looks like a bad trade, unless oil loses $0.17 in the next hour or two. I think this idea would have been fine if Venezuela had voted differently and that I should have gotten out earlier this morning when the news was out, but life goes on.
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While I was initially stopped out, the trade seems to be going relatively to plan so far. The only problem was my entering a short a bit below 49; if I had switched up my entry to 49 or a bit above and also my stop in accordance everything would be going swimmingly. Get it? Too soon?
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So $0.30 off the final target, took my profit prematurely so I could scale into a long. I still think that there could be one low a bit lower than today sometime next week, but that remains to be seen.