We present a stepwise approach to estimate high dimensional Gaussian graphical models. We exploit the relation between the partial correlation coefficients and the distribution of the prediction errors, and parametrize the model in terms of the Pearson correlation coefficients between the prediction errors of the nodes¿ best linear predictors. We propose a novel stepwise algorithm for detecting pairs of conditionally dependent variables. We compare the proposed algorithm with existing methods including graphical lasso (Glasso), constrained `l1-minimization (CLIME) and equivalent partial correlation (EPC), via simulation studies and real life applications. In our simulation study we consider several model settings and report the results using different performance measures that look at desirable features of the recovered graph.