Tuesday, August 18, 2009

WLT, AXP, JEC

Only 3 trades today.


WLT was a nice gainer but I'm not happy with my entry. WLT rallied on the open and reached R2 where it found resistance. 2nd bar was a spinning top like candle inside the first bar. Entered on the break of 2nd bar high. Not happy with my entry because R2 (also ORH) would act as resistance again and it did. Price retraced but managed to stay above my SL. Price found resistance again at R2 the third time. On the 4th attempt, price managed to break R2 and I exited my entire position when the low of the shooting star like candle was taken out.


WR first bar closing above R2, followed by an inside bar in the tail area. My initial target was the next resistance at 32. Put a limit sell order at $31.97. Price missed the target by 2c. Exited my entire position at $31.81.


WR first bar closing above R2. 2nd bar was an almost inside bar. Price then formed a bull flag with support from the rising 5 EMA. Entered on the break of the bull flag. Price reached the $44 area and consolidated once again. I was expecting it to complete 100% FE of the pattern from here but when the 15th bar took out the low of the 14th bar, I exited my entire position.

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