Thursday, February 16, 2017

Thursday Morning Trading Wells Fargo & Co

One of this mornings call out in the Java Pit was Wells Fargo & Co (WFC) short.

Anatomy of the trade.

  1. Stock below 5 min 200MA (so I looked to short)
  2. Waited with a stop limit short order at 58.19/58.18 (.20 3rd strongest price level)
  3. Trade opened and posted my BTC order at 58.02 (.00 strongest price level)
  4. Profitable trade
Perfect entry - Great targets.
Profitable trade
Now a look at NOT following the RULES
Feb 14
Advanced Micro Devices, Inc.(AMD) I had a standing order to short at .19 never hit.
So I started to trade between levels and covered for losses twice.
Had I waited for AMD to come up to the .50 level as taught, and shorted at .48/.49 I would have entered correctly and hit my profit targets below.

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