Premature exit .... I've been working on exits for a long time, still the most difficult part of trading.
I think you did great. It's always easy after the fact to say Could, Shoulda, Woulda = CSW. If it had retreated to 105 you'd have felt bad that you let that extra go. The question to ask of course is, looking at the chart, would you have entered a long trade at that point? If so then maybe you did exit too soon. If not then you did the right thing. If a few minutes later it indicated a long trade was the way to go you could just reenter. Just some thoughts. I'm having a few network issues so I'm waiting til those are resolved. ADD It did test yesterday's HOD and then fall. And then tested R1 and dropped again. So that may have been something to look for. But there's no guarantee it goes there.
API Inventories were up 3.8 mil barrels. http://af.reuters.com/article/energyOilNews/idAFN0827723320110308
<< putting date on thread for later references >> * U.S. crude inventories up 3.8 million barrels * Gasoline inventories down 3.7 million barrels * Distillates stocks off 1.5 million barrels * Crude imports fall by 711,000 bpd to 8.20 million bpd (Adds detail, market data, paragraphs 5-8) NEW YORK, March 8 (Reuters) - U.S. crude inventories rose more than expected last week, by 3.8 million barrels, even as imports fell, the American Petroleum Institute said on Tuesday. Analysts polled by Reuters had expected a 400,000-barrel draw in crude oil stocks. [EIA/S] Crude imports were off 711,000 barrels per day at 8.20 million bpd, API said. Gasoline inventories had a larger draw than expected, down 3.7 million barrels, compared with analysts' expectations of a 1.5 million drawdawn. Distillate stocks also fell, by 1.5 million barrels, versus analysts estimates for a 600,000-barrel draw. Stocks at the key Cushing storage hub rose 1.7 million bbls, API said. Refinery utilization was up 1.5 percentage points at 79.9 percent. Analysts had expected utilization rates to go up 0.2 percentage point. U.S crude oil futures fell after the release of the API data. The April crude oil contract CLJ1 traded down 84 cents at $104.60 a barrel as of 4:44 p.m. (2144 GMT). It traded down 65 cents at $104.79 a barrel before the data was released.