here is the key in my opinion, normally for banking shares, the...

here is the key in my opinion, normally for banking shares, the share price runs up into the dividend, and then declines significantly afterwards, in many cases for more than the dividend+franking component.

Yet for WBC for this case, it didn't.
It ran on the date of earnings release, but that was because of the decent above market expectations of the profit.
That provided a window of opportunity to buy and collect effectively 3 dividends in just over 12 months.

Those 3 dividends act as a form of insurance, as I discussed above.

With today's share price of $21.01, so far I am correct, given my buy in point, effectively pre tax of $1 of dividends and another 2 dividends within 12 months to go.

So for my first position to go underwater, share price needs to drop below $19 over the next 12 months.

Its a 1st position which means only 20% of capital deployed (not 20% of my total capital, just 20% of the capital I am happy to allocate to WBC!!!).

So I have lots of wriggle room to move.

Hope this makes sense.