Friday trade - WYE

This was a pretty nice setup that didn't work out. I was sensing more choppiness today so I wanted to trade a gapper that was in play so it wasn't as affected by the overall market. WYE broke out but couldn't get past the open range low. I stayed with it because buyers weren't coming in even while the market was beginning a choppy rally. It got stuck in a tight range so I kept tightening my stop. I wasn't sure which way it would break but odds seemed to favor breaking down. It got stopped out before CNBC announced that the merger with PFE was more certain than initially reported in the WSJ, supposedly something will be done Monday. In retrospect I should have just closed out the trade so I could focus on stocks that were actually moving. I told myself I was being patient but I think I was truthfully being stubborn. This one trader always says treat your capital like it's your employees. You don't want your employees standing around doing nothing. I took a small .4R loss but it distracted me from better trades.

Setup:70