Long CSCO @ 18.12, sold @ 17.88

3/9/11
Long CSCO @ 18.12
Stop 17.88
Risk .24/share
Size 100 shares
Channel 22.52 - 20.38 = 2.14 (/3 = .71)
Target 18.59

This is unusual because this stock is in a clear downtrend.  The recent major gaps down have been followed by basing for 3-5 weeks and then a slow increase. Today's little hammer seemed promising.  Also, this stock has not been this cheap in a long time. My estimate is that as soon as the Libyan oil crisis works itself out, CSCO will raise along with the market.

Update: sold on 3/11/11 at 17.88.

I got stopped out again.