I traded WB as a double top. I was pretty confident that it was going to break down at least to the 15 level. That level proved strong though and it took some time to break through. After it broke through I wasn't convinced it was a clean break so I tightened my stop to 15.06 for a .91R win. If 15 was broken it should have served as resistance, preventing WB from hitting my stop. The market action has been underwhelming Wednesday and Friday (low volume) so I've been quicker to tighten my stops to protect profits.
Thursday, August 14, 2008
Wednesday trade - WB
I traded WB as a double top. I was pretty confident that it was going to break down at least to the 15 level. That level proved strong though and it took some time to break through. After it broke through I wasn't convinced it was a clean break so I tightened my stop to 15.06 for a .91R win. If 15 was broken it should have served as resistance, preventing WB from hitting my stop. The market action has been underwhelming Wednesday and Friday (low volume) so I've been quicker to tighten my stops to protect profits.
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