FITB Update

It pays to have fundamental understanding along with your trading rules. This morning when FITB broke the 10.90 stop, it came down to: does this make sense? Were my stops too tight? I went back to previous notes and determined that my stops were too tight and the stock should recover by the end of the session, as soon as the traders wiped out the technicals. Having a belief in the fundamentals gave me conviction to stand strong- even as the stock dipped under 10.70. The game of poker is a great teacher...In the end, the stock recovered and hit a high of 11.69. The bullish trend is still intact and should continue to be held with a short-term target of 12.25. The lesson learned is-sometimes you have to trust your gut, review your notes, and let it move. I would not recommend breaking your rules often; however, if you get a strong gut feeling...go for it! Caveat: don't stand too strong. Set one more stance and if broken, fold and move on.