I haven’t done any trading yet this week, and it’s the start of what I wanted to be an at least 4 trade week, so I needed (need) to find opportunities. One of those opportunities was Ford (F). Here’s my analysis from this morning:
“Something else I’m looking at this morning is Ford (F). It’s been dropping for some time now, and over the last couple of days has reached it’s upper band which is also near resistance. On both the daily and 4h charts, this looks like a good retest. I think I’m going to take a .5% day-trade on the 5 min. chart here if it breaks the day’s lows”
Planned Entry – $14.45
Target – $14.10
Stop Level – $14.55
Entry – $14.45
Price did eventually break that low, and it triggered me into the trade at $14.45. I set an alert to let me know when price got to 1R, which it did fairly quickly, and at that point (since I mostly took this trade on a 5min/15 min. chart and I didn’t/don’t have exact exit rules for those time frames) I moved my stop to break even. I thought about it, though, and since I don’t have those specific exit rules like I had with Forex — namely, trailing my stop along the SAR — I changed it to a trailing stop to get me out at about $.07 above the current price (1R).
Exit – $14.42
I left it there, but unfortunately that’s around when price started to rally a bit, and it did enough to stop me out. It stopped me out below my entry, so the trade was technically a profit, so that’s good, but it’s essentially break-even.
