Bought 300 Shares of BAC at 5.60
I bought 300 shares of Bank of America (BAC) at 5.60 per share this morning.
I set a stop loss order at 5.32. The reason for this stop loss is to limit my potential loss to 2% of my trading capital.
I don’t have a clear plan for when to sell, which is a problem, but I’ll probably begin looking to sell at 5.80 and/or simply continue to raise my stop order if the chart continues to look positive today.
Below is today’s chart up to the point that I entered my trade (the green arrow at 11:44 AM). You can see this doesn’t look like a very positive time to buy, but I expected some support around 5.60.
Below is a 5 day, 15 minute chart of BAC. Again, note the green arrow as the point I entered this trade. I was looking for the pullback to the moving average and expecting the trend to continue up. Obviously, I’m not a technical analyst, but I’m learning and these are my basic thoughts as of now. Of course, I also have in mind the general positive trend for financials this week and even more so today.
