I had a small list this morning with only 5 stocks on my daily list and no gappers this morning, but I did end up with a large 9:45 am wide range bar list but in the end I found my play on my daily long list in WAG. I had WAG on my long list as I was looking for more upside in price since the RBI on Tuesday and Wednesday's breakout. At the open WAG sold off hard bouncing off of major support and triggering a short sell setup at 10 am reversal time. The market had gaped up but price was still sideways and I felt safe at attempting a short in WAG. As mentioned in previous post, my line in the sand is the stocks PDC and WAG put in a beautiful topping tail bar just below the PDC. With a huge void below, topping tail bar, a huge target @ 74.63, and at 10 am reversal time, the odds were in my favor big time, that this play could work out nicely. I entered the play @ 75.33 and watch as price moved lower painlessly to my first profit area of .01 cents where I covered 1/2 of my shares. Then price rallied into 10:30 am reversal time where I shorted more shares @ .21 and reduced my stop to .31 cents. Price again sold off painlessly and I felt that I would reach my ultimate target @ 74.63 but price stalled and I was forced to cover 1/2 again @ .05 cents only to watch price roll over a 3rd time where I added more short @ .95 cents. I covered more at the prior low of .86 cents hoping to hit my .63 cent target but price finally started to rally just over 12 noon so If found myself trailing out of the play @ .93 cents. With all of the adds and reduces, I made a full 2 risk units on the play. A great play on Friday over a week of tough trading.
