Wednesday, November 5, 2008

Wednesday trade - FWLT

Missed it by that much. I traded this as a bull flag. The setup was a little messy but I liked the volume contraction on the narrowest, 4th bar. It was very slow to break out while oil and all the other commodity stocks were plunging. FWLT was holding up at 30.3, there must have been a large buy order there. I tightened my stop since it was showing too much relative strength. I got stopped out to the penny, before the stock made it's move down. Frustrating, but I don't think I would have played it differently. I might still be in scalp mode after last month.

Setup:60

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