@j1persi – Not sure if you are referring to the OPEC meeting or the crude inventory report but either way, I don’t react to news when trading unless that news significantly changes something in the technical outlook for my position. The USO/UWTI short was based off the technicals & so far, nothing has changed for the outlook for crude. USO & WTI is still trading below the bearish rising wedge patterns following the recent breakdown & the suggested stop for the trade remains on a move above 12.35 on USO.
I’m not crazy about the fact that crude erased today’s earlier losses following the release of the inventory numbers but if I were to second guess every swing trade on bullish or bearish news releases or moves that go against my position & close my positions early, then I would be not be exercising discipline & patience with my trading plan, which allows for a certain amount of loss (1 unit) for every 3 or more units of gain potential (a 3:1 or better R/R).
The USO/UWTI trade might be stopped out & if so, there’s only about 45 cents downside or less than 4% so I’m willing to sit tight & stick with my trading plan for the time being. I has also commented in the trading room earlier that it is fairly common to see the initial knee-jerk reaction to inventory reports or other news such as an OPEC announcement to be faded later the same day or in the following trading session. With that being said, should anything change in my outlook for crude (although the trade would almost certainly be stopped out first), I will make a point to share my thoughts asap. G-luck on the trade. – Randy

Tomorrow’s action should be telling to confirming the charts as it’s double news day: EIA report at 11AM EST and news from OPEC probably by the time we start the trading day.
API report is out and it showed a 2.35Mil build as opposed to an expected draw.

Thanks. Definitely longer than most but I wanted to do an overview of both crude & the energy sector as well as provide numerous trade ideas for those interested. Glad you enjoyed, now we just need crude to start moving lower. ;-)