Saturday, 13 August 2016

Crude oil

Averaging Down: after taking profit on several shorts I sold pre-Brexit, I decided to start a new series long at $49.69 on June 23. Despite falling to $46.80 by June 27, it recovered to $49.60 by June 29, where I was able to close out my series in nice profit because I averaged down. Then I decided to short at $49.73 and $50.00 the same day. By the time July 18 rolled around, I started a new series long at $45.77 which had me in the deepest hole since April 18. I had to book a $10,180 loss, which was great considering I was down over $30,000 at one point. And I was able to minimize my losses because of averaging down. Which brings me to my latest series. I started long at $43.06 on August 9, but it fell to $41.51 by the next day, where I found myself down about $8,000 with 10 longs averaging $42.33. Suffice it to say I had my best profit in a series this year by averaging down to add 2 long at $41.51 and closing out at $44.71.

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