As per last night's watch list in which I profiled three names which had just made three consecutive higher closes, I decided to play CheckFree (CKFR) because of the three, it was the only one which had breached the down trendline on a closing basis Friday. I placed two buy orders: a buy stop order above Friday's high and a buy limit order on a gap fill as it was gapping up in pre-market. Only the buy stop order was filled as the stock took off on the open on relatively high volume. My target was former support on the daily view and I exited the entire position as soon as the target was hit. CKFR traded slightly higher, but pulled back shortly after the target was met.This setup came from John Carter's book Mastering the Trade. Three consecutive higher closes signifies a change in direction and he recommends the setup when picking bottoms and vice versa for tops. All three names on the watch list ended the day higher.
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