102607 - CFC - 15mins - Gain*Paper

Symbol: CFC
Type: Long
Result: Gained +4.67R

• Countrywide Financial gapped up on positive outlook today
• Prices retraced to the $15.25 level for most of the morning, forming quite a few Narrow-Range bars, which caught my increased attention
• The 12:45pm bar was an Inside-bar, with NR7. It almost made it to a Hammer, except for that tiny Upper Shadow
• I decided to take a low-risk entry to go Long when prices broke the high of the NR7 bar
• I set my Buy-Stop order 2 pennies above the high of the NR7 bar, with my stop set to the bottom of the NR7 bar
• My order was triggered almost immediately

• The Blue line that you see above was my Primary Target.
• I observed the Daily-Historic chart and noticed that there was a low back in September that might serves as a potential resistance level (see below.)
  

• It didn't take too much time before the prices reached the 'blue-line.'
• As soon as I have sold half my position at blue-line, I moved my Stop to the bottom of the 13:30 bar (10mins, see below, the black one!)
• The 13:40 bar, unfortunately, just touched my Protective Stop and sold the remaining half of my position
• I thought about a re-entry on the same bar that I was Stopped-out, because it was a nice little Hammer bar.
  
• I chose not to re-enter Long because the same blue-line that I drew was like flashing at me, telling me that "hey, you drew this! Remember?"
• Plus, the winning that I already have, although on paper, is already making me very happy! (See how I am easily satisfied? Don't know if that's a good thing for a Trader though.)
  

• The prices did continue to rise!
• It even went past the opening high, and went all the way to the 113% Fib Level (Yesterday Low / Today's Opening-High)
• I captured the chart below, before the market closes, so that I can journal this trade before my meeting
• Even though the words of wisdom of Jamie did play-back in my head as I was entering the Stop level for my remaining half position, I chose to play it safe! What I'm referring to, is a rule that I learned from Jamie... "Prices usually ends its rally after 3 Wide-Range-Bars" (also see chart below.)
  
• I chose to play it safe, and secure my winnings
• But in this case, I left a lot on the table!
• Was my 2nd Stop set at a wrong level?
  
• My entry was based on a 15min chart, had I used the same 15mins (instead of 10mins), I might have been okay! So did I use the wrong chart to set my Stop?