Trading DRL - Doral Financial Corp. 091907

After pulling back three days, DRL Doral Financial Corp. initiated a buy signal. The stock took out it’s last pivot high today. It has also cleared the closing high of 29.60 from July. That will have to hold for me to keep it overnight. The 200 daily moving average is a target.

Entry comes over the intraday base on the 5-minute chart. A stop is placed below the base. Partial profits are taken on the first lower low of the 5-minute chart. Using trailing bar stops takes emotion out of the trade.