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Saturday, July 25, 2009

Trade - F

I had a limit order w/ F at 6.70 (i guess I was the 'low-of-the-day' trader today :), and it got executed. Ford is still overbought, along w/this market, but at 6.70 I was willing to enter it. IMO, I expect a consolidation around that level or at least 6.70 will not be broken downward as it is consolidating.

I am taking two approaches to this trade...

1. If F rises from here, I will unload it at 7.00-7.04.

2. If F continues to consolidate, I will enter a double down position when the CCI is between 0-100. That will probably correlate to a price of 6.40-6.50.

Also, just an FYI... I still have the market protection despite the added trading.

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