My first trade of the day takes place in W.W. Grainger (GWW) at $210-flat. I've been watching this stock for a few weeks now for a swing-trade, and recent weakness finally gives me my entry on this stock.
I missed the initial breakout in the stock, but instead of chasing it, which usually never leads to anything good, I waited for the pullback to support. At that point, I am able to see how it did initially on the breakout, and then decide whether its strength is a flash in the pan or an actual breakout that is giving buyers a second chance.
My Stop-Loss is at $200.25. That's a bit wider than what I'll usually take on, but assuming it doesn't stop me out in a matter of days, I'll likely have an opportunity to tighten the position considerably.
Here's the long setup in GWW.