AI
Friday, August 17, 2012 5:30:27 PM
Exited $WGAS watching for pullback or breakout
Well folks, I exited my $WGAS position today for about a 25% loss. I really wanted to see a close back above the 20 DMA or at least above the trendline, but it became obvious that was not going to happen. The price threatened the 50 DMA multiple times today and was only saved by 700 shares of ask slapping going into the close.
The chart is now neutral but if it continues to trade down here just above the 50 DMA it will start to turn bearish. Since my position entry was at 1.1 cents, I can not risk a gap down which would put me at risk of a large 50% loss.
I will watch for either a pull back to .006, or a breakout signal with a close back above the highs. Good luck with your trade everyone, and I'll be back in most likely soon one way or another.
Well folks, I exited my $WGAS position today for about a 25% loss. I really wanted to see a close back above the 20 DMA or at least above the trendline, but it became obvious that was not going to happen. The price threatened the 50 DMA multiple times today and was only saved by 700 shares of ask slapping going into the close.
The chart is now neutral but if it continues to trade down here just above the 50 DMA it will start to turn bearish. Since my position entry was at 1.1 cents, I can not risk a gap down which would put me at risk of a large 50% loss.
I will watch for either a pull back to .006, or a breakout signal with a close back above the highs. Good luck with your trade everyone, and I'll be back in most likely soon one way or another.
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