We deleted the Waiting trade on WEN as the entry never filled and the uptrend has potentially ended. This is the great thing about our entries being predicated on a break-out through a specific price thresh hold. While WEN might find support here on the 20-day SMA, the trendline is broken and the entry target was not hit.
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Here’s a look at the original Trade Plan
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While it might be worthwhile keeping WEN on a Watchlist, the pattern is unpredictable at this point and the uptrend is in question. Normally we will not let stock under $10 pass through the Plan Filters but we made an exception in this case since the uptrend was intact on the 27th when the system identified the trade and a bounce off the trend line would have made for a nice entry. Since it did not occur we have deleted the trade.
The market is like a busy airport, is you miss a flight there is always another one leaving shortly.
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