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O'Hare: How I gained then slipped on oil in 2013
TX 20/12
Steve O’Hare, an Analyst at First 4 Trading, reveals his highs and lows of the 2013 trading year, both of which are in the oil markets.
His favorite trade of the year involved a gain in oil. In September the market had been showing support around the 105 mark, while hitting highs of 112. O’hare had tried multiple times to get this particular trade going and finally the conditions were right. Buying in at 105.5, with a stop at 104.5, he managed to hit all three of his price targets 107, 107.8 and 108.8. Read more about his trade on the day here.
Deemed a “missed opportunity,” O’Hare’s worst trade involved buying crude oil back in June. Misidentified as an ‘inverted head and shoulders pattern’, he sought to take advantage of the stocks retracement back. Instead the market dropped to a lower than anticipated level stopping him out before the upward trend. In hindsight he states that a 3 point stop was too close and could have been avoided.
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01:46 minutes
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