Tuesday, December 05, 2006

Wi-Lan update

I posted about my Wi-Lan trade yesterday. Here is how it turned out (1d/5min chart):

Although exiting and then re-entering back into the same stock in the same day could be considered a screwup, I did feel that this one was tough to hold onto as the morning session wore on. As usual, volume dried up as the morning wore on.
What I did go back to doing was trading the chart. Because I have been watching the ticker more and more, I started "forgetting" to do that in the past few days, and now that I'm back into doing it (looking at my position from a 5/15min. chart), boy does it make a difference ! Right away, I could see where I should exit my new position in WIN, and where a possible re-entry would be.

Lesson of the day:
Trade the chart, not the profit.
Trade the chart, not the ticker.

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