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.
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?
My initial entry for this trade was on Feb 05 @$53.50. This 2nd load completes my allocation for this stock.
3 comments:
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?
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.
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?
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