Trade of the Day - Energy Conversion Devices, Inc. (Public, NASDAQ:ENER)

I was guided by last night's watch list in most of my trading today. The only real success of which was ENER. All of my picks gapped up above Friday's high on the open except ENER. However, after the OR, JOYG, SNDK and BRCM generated only NR, intraday trading opportunities.

ENER was a long on a break of the OR high with a stop just below $39.00. I took 50% of my profit after a 1 pt. gain and exited the balance after it failed to take out $41.00 on its second attempt.

JOYG was a long as it took out a very NR bar just above the 10 period MA in late morning trade. I set my stop 10 cents below the previous bar and was stopped out by a few pennies during lunch. A more strategic stop would have been the low of the hammer (6th bar on the 15 min. timeframe). I eventually ventured back into JOYG as it took out minor resistance at $41.50. As soon as it traded up to $42.10, I moved my stop up to $42.00.

BRCM never triggered because I was looking to go long on a break of $31.00 as it appeared to be forming a narrow ascending triangle.

I took a long entry on SNDK after an orderly pullback towards the rising 10 period MA. The bar prior to my entry was NR and had just carved out a higher low. I was stopped out shortly after on a failure.