20070412 - CDWC - 15mins - Loss*Paper

Symbol: CDWC
Type: Long - Paper
Entry: The beginning of the 11th bar (see blue arrow)
Exit: Stopped out on the 12th bar (see red arrow)
Result: Lost -0.26%

As mentioned in my previous post from yesterday, I have decided to go back to Paper Trading to polish my skills further before going back to money-trade.

I spent some time browsing for proper setup and I was surprised that it took a while before a few decent setups appear.

(CDWC) gapped-up this morning but painted a weak opening bar. Prices slowing pick-up some momentum and tested the Opening High again. It painted a Doji on the 8th bar, signaling a possible reversal. I didn't execute, even it was only on paper (because I didn't want to pick up a bad habit of trigger-friendly), and checked out the Daily-bar chart (see below.) I noticed that a possible Resistance level is at $66.00, which is just slightly below the 113% Fib. Ext. Therefore I decided that if prices were able to cleared the Opening High, I will enter Long for a small gain, if it reaches $66.00.

By the 10th bar finished, I saw an opportunity. Although I did tell myself that the slight upper shadow of the 10th bar should be a cautious signal. I decided to take a chance and entered on the 1th bar. My Protective Stop was set to slight below the 5eMA. Unfortunately, I was Stopped-out during the next bar.


If you have an opinion on how might able to improve this trade, or any trade that you see in this blog (or your opinions on not to take this/any trade that you see in this blog), please feel free to leave me a comment. I wouldn't know if I'm seeing the right things if no one is here to tell me! Thank you in advance for your time!