NeedMoMoney
Long

Possible Reversal

TSX:OSB   NORBORD INC
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I have been watching this daily for a reversal. Today due to what I saw on the 15m chart @ 1345-1500 (6 green candles) I decided to start a long position. Over the last couple of days the candles real bodies have been getting smaller, while the lower shadows have been fairly consistent. I'm thinking selling pressure is easing up, today's little bit longer lower shadow confirms that, as sellers weren't able to keep the price down into close (I didn't know this at the time of the purchase, but it's good to see after the fact). I didn't wait for any kind of reversal confirmation as I was eager to jump in early for the reversal, hopefully this works out. I'm placing a stop loss order right away just in case the price keeps dropping.
Average price with commissions is $45.2082/share.
Target price of $46.71, no real reason behind the target, I will definitely keep holding as I'm hoping this will trend back up into the channel.
Stop loss set @ $44.47. Today's lowest price $44.49 minus 2 cents for some wiggle room.
Sep 25
Trade closed: stop reached: Stop loss triggered today @ $44.47, avg share sell price was $44.51. I think I jumped in a day early. Looking back at the chart something similar happened on Sep 4 before the reversal started. Part way through the day today I was able to take a look at a chart and noticed my stop was triggered, I also noticed the uptrend on the 15m chart. I bought in again hoping that the reversal has now started.
Loss of 1.5444%
Will post a new idea for the new trade.
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