Sep 26th, 2007 by Trader-8
WFT in uptrend. PB’ed for three days to 65.18 support to +/-50% fibbo retracement. retested support today. long from 65.76 (slow entry), stop at 64.95, but will move stop up if trade works today. target is 69.25. .80 Risk/3.50 Reward; 4:31. ill add if it PB’s a little intraday.
ill add the formal trading plan later after i figure out how to upload it.
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Update 9/26 11:44 pst – i’d like to see WFT close above yesterday’s high of 66.40. currently 66.52×66.54. if it cant hold above yesterday’s high, i may cut the pos in 1/2 & take partials. $OSX has support down at +/-285 and we are now near 292.50, so the sector shows some support on a PB.
Update 9/26 12:38pm. i gotten shaken out on 1/2 at 66.92 on the PB off of 67.50. not great trade management; could have taken 1/2 near 67.50…gave up almost .60. pretty nasty little shakeout though.
stop on other 1/2 is now 65.18.
That was a nasty pullback indeed from 67.56 to 66.57 in ten minutes during the last half hour of trading would have shaken me out as well
WFT is approaching the 69-69.25 target. now trading 68.55 – .45 to target, will stop out now at 68.39. using 3:1 up until im out. i note the HOD is 68.79
closed trade at 68.69 as i have to run out before Tony’s class starts. it looks like it might break the HOD and reach teh target, but for 30 cents, im not messing around.
See, im not just a pretty face!