Short INTC at 22.41, covered at 22.33

For seven of the last eight days, Intel has been up.  It has gone from 19.0 to 22.40 in less than two weeks.  Now it's close to its intermediate term down trendline. It's also outside of its 22-day MA envelopes (multiplier: 8.0).

On the hourly chart, we can see the strength of the last several days losing steam, and divergences in MACD and RSI.

Half-dollar marks are often obvious points to place stops.

Today at 2:15 there will be the release of FOMC meeting comments, which may well cause quick swings in either direction.  I have been burned before by trading right around an FOMC meeting, let's see if I have evaluated risk correctly this time.

UPDATED Monday 9/26:

Today my stop order at 22.31 was triggered in the first minute of trading when the price of INTC fluctuated wildly between 22.10 and 22.45.  After that, INTC continued its downward movement.

I think in this trade I made a really good entry, but failed to exit at the right time.  The choice of when to let profits run and when to take them off the table is still an unknown for me.

In the two days after I shorted INTC at 22.41, the price went as far down as 21.24.  My plan was to move my stop down to my first target at 21.32 after it was passed.  The problem is, that level was hit but not kept.

The good:

- I followed my plan

- I didn't lose any money.

The bad:

- I could have had a 4.5% gain but instead ended up breaking even.

- This is another trade when my stop gets it and then the price immediately retraces, AKA I get "pierced by a needle" (I just made this expression up with reference to the thin line that passes my stop level).