Wednesday, February 07, 2007

Trade: Long WFR @ $54.37 (2nd load)

Entry @ $54.37My initial entry for this trade was on Feb 05 @$53.50. This 2nd load completes my allocation for this stock.

3 comments:

Is It Possible said...

I am following your blog for a while and really trying to learn from an experienced mature trader like you.

What triggered you to take long position in WFR?

mc said...

isitpossible,

WFR is a TREND FOLLOWING trade based on a daily chart. By trend following, my method is to buy every time it clears and intermediate high which it did today.

Is It Possible said...

On a weekly chart, we can see that stock broke the earlier high of 48.5 and now the stock is well in overbought (RSI) territory. I felt it will retest that level for support. At what level you put a stop loss on this one? or what is expected target?