Tuesday, January 09, 2007

Closed out Wi-Lan Trade

Finally closed off my Wi-Lan ( trade; this one felt harder than it looked.

Read Full Post.....

1. Why did I take this trade?
Because Wi-Lan was showing a nice, orderly, low volume pullback from the huge volume move up made back near the beginning of Dec/06. This could also be considered a play of the pullback pattern (first-thrust-pullback in Dave Landry terminology).

2. What was the initial stop?
I bought @4.92, initial stop was @ 4.75.

3. Why did you exit where you did?
I mentioned here that I would exit either today or tomorrow because of earnings due out on the morning of Jan 11/07.
In particular, when I saw that WIN had trouble staying above 5.60, that was my cue to exit.

4. Is there anything you would do differently?
No. I couldn't sell yesterday because I needed to give WIN a chance to run some more if possible. Today the chart told me that it was done running, so I listened.

No comments: