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Patience …in the bigger picture.

Patience …in the bigger picture.

Patience …in the bigger picture.

HOD:TSE Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) closing $9.36
0.43% unrealized

I’ve said how I need to be more patient many times, but I think that I’m beginning to better understand how, exactly, I’m to be patient.

In yesterdays trading oil held for some period near a resistance level and I convinced myself that I needed to be “patient” because I believed it would crack through the level and continue its descent …after which I would sell my short, of course. Well, it didn’t and I not only missed out on the opportunity to cash a profit, but also had less funds with which to play the subsequent climb.

This morning, with fresh eyes, I think that I can better appreciate that patience is not about that hour or so yesterday, but rather over the course of days or maybe (but lets hope not) weeks, where I’m very likely to have my opportunity to cash-in on all this exuberance in oil.

View the related trade (Feb-1-2017)