2 Nov Long XMSR at Intraday 38% PB
Nov 2nd, 2007 by Trader-15
Found XMSR on the Patriot scan at about 1:30 pm EST hovering close to the 100 and 200dma. Daily chart shows 3 lower closing days with a small up gap today. Decided to enter at the intraday 38% PB as it had similarly done a 38% PB this morning at about 11:30am.
Status: Stopped out at 12.79 (Exited 12.76) after 45min in the trade. Loss: 1.7%
Note1: needed more wiggle room as it bounced at 12.75 and closed at 13.14. 
Note2: in retrospect, didn’t like the 3 very large volume bars on the 3 lower closing days (how come I didn’t see them when I was planning the trade ?!!)
After the fact: re-examine the Stop … there is a better way (See comment 1 below) … 
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20-20 Hindsight :
Review of the multi- intraday chart shows support at 12.75 the previous day. This also happen to be the 127% retracement as shown on the chart above. (I have up loaded the chart into the main window above). So establishing Stop Loss below 12.75 would have been purrrrfect ! Something to remember.