FWIW I shorted USO at the close today for a short term mean reversion trade. Risking only .25% of my account.
I'll take off 1/2 of my position on a touch of the 5 day exponential moving average which is $14.70 on USO. I'll cover the rest on a close below the 5 day ema.
**update** Decided to cover 1/2 at the close at $14.80, even though it didn't technically touch the 5ema. Close enough and I'm taking profits while I can in this market. Profit on just 1/2 was almost as much as I risked on the trade, so I'm happy. If there's more weakness tomorrow and closes down, I'll most likely be out completely.
**update 2** The CL futures contract closed below the 5ema after the US stock market closed, so I went ahead and covered the rest of my USO short after hours at $14.47. Ended up making a profit of 2x my risk in 1 day (.5% of account total), a small win compared to the shalacking the rest of my account has experienced the past 1.5 weeks, lol.