WFR - MEMC Electronics - Cup & Handle; V - Visa - Ascending Triangle
WFR was on my daily gap down list from Briefing.com. I noticed after gapping down over 8 points, it started bucking the trend and pushing higher. It began to form a C&H type base with a very narrow handle. I liked how the volume contracted during the handle and expanded as the pattern broke. Unfortunately after 3 WRBs (Wide Range Bars) I tightened my stop on my entire position was stopped out for a little over 4R.
Stop placement and profit taking is something I clearly have to work on. When entering the trade, my target was the 200% Fibonacci extension from the height of the cup. Better stop placement &/or position management would have resulted in a far better trade.
I was watching Visa progressively work higher when it started to form an ascending triangle type base under the even number of 64.00. I entered on a break of 64 but was unfortunately stopped out on the very same bar as it whiplashed below my stop level. Needless to say it was frustrating to see V run up over 2 points from my initial entry. *sigh*
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