20070424 - IBM - 15mins - Gain*Paper

Symbol: IBM
Type: Long
Entry: The beginning of the 5th bar
Exit: Mid-way down the 15th bar
Result: Gained +0.27%

IBM was on the news today and I've been monitoring it since the market opened. The 4th was weak but hinted a Support Level carving out with the small lower shadow. With the rising 5eMA, I took a 'controlled-risk' entry right at the beginning of the 5th bar, with my Protective Stop set at the 5eMA. The prices hoovered around the Opening High for a while before rising. But it lost some momentum during the 13th and 14th bar. In fact, I was already concerned by the upper shadow exhibited by the 11th and the 12the bar. I re-adjusted my Stop to the low of the 13th bar, and it was executed during the 15th bar, resulting in a very small gain.

Looking back now, when the 12th bar failed to take out the 2nd and 3rd bar high, it should have served as a warning sign.

What do you think? How would you have done differently?