With all the discussion I've been having lately (with myself;
here,
here, and
here) about
WFC you probably figured I was riding it today all the way up it's '09 highs today. Of course I wasn't in WFC long today at all! So lame I am.
Anyway, the volume wasn't too impressive but it broke out of it's base decisively, keep a watch on it.
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Instead I spent my day watching
POT and
FCX. It was a profitable day all around, but not half as profitable as it could have been had I held on to my
FCX short AND my
POT long (I was actually short POT most of the day until I got long at $89.10 only to be shaken out by a tight stop I had in place. Indeed, I have some work to do.
Here was the initial setup in FCX this morning:
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and after I had gotten in on that nr7 bar:
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Here's how the entire day unfolded.
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And POT; I shorted on a break of $90 (around the 10:30 hour) and got out at $89.50. I shorted 2 other times as well; again at $90 and another entry at $89.50. I probably should have just sold half the first time and added shorts at $90 on the two returns and held until I saw the ton of volume come in at the 2:00 hour. Live and learn.
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