WLT Long

This trade was taken mainly from the action in the nyse book and level II. I had missed the earlier move off the 44.55 support, and didn't feel I should chase it until I saw three things. One being a very large order in the book holding the 45.10 area. Two the order moved up to 45.18 and created a nice little sideways channel on the chart. Three the breakout above that base and the fact the specialist moved up to squeeze all the shorts ( sorry if you were short). MACD was also rising on my 5 min and 13 min charts and just starting to turn on the 60 min. Entry was at 45.32, exited half at 45.40, and half at 45.70. I had several factors in favor of taking this trade. Two mistakes I made in this setup were that I didn't play enough size, and that I exited half for a reason still unknown to me, other than a little wiggle action in the nyse book. When you are picking good trades and on you have to play bigger, it's that simple.