Today I was focused on WFT. It’s showing an Ascending Triangle on the daily chart and it looks primed to break upwards. I entered 5 or 6 times today not wanting to miss any action but kept getting stopped out due to the chaotic action during the first half of the day. I trade while I’m at work so I have limited time to sit and watch price action after I enter a trade. Frustrated, I gave up since I had already traded about a quarter of my balance. I lost 37¢ overall, which is acceptable and a result of being cautious. This is exactly the type of stock I would “chase” my first time around and end up selling usually towards the bottom of the day.
WFT formed a good Ascending triangle later in the day, which would have been a good entry point, and which I should have waited for rather than jumping right in. I think this stock will still break up and I plan on continuing to watch it. Hopefully I can be more patient for an decent entry signal. It may drop tomorrow but it should come back to test the key resistance points. If it does break up, I’m not sure yet if I’ll swing this one overnight or day trade it. It will likely depend upon how strongly the stock behaves tomorrow.