Sunday, August 22, 2010

Friday's Trades - AKAM, FFIV, INTU, CRM

AKAM setup perfectly out of the daily base. Enter long on break of PDH. Price extended more than 100%, pausing only when it reached the weekly R2 pivot point.

A second trade came after a shallow 38% retracement of the morning range.

FFIV had settled into a tight range following Tuesday's WRB. I was looking to trade it long on a break of Tuesday's high, but it opened near the bottom of the range so I decided to wait and buy it after it consolidated the first leg up. As it turned out, the initial BO failed and it setup nicely in the afternoon.

INTU and CRM gappers from the scanner. INTU - shallow retracement to 38% of morning range. Waited for a base to form.

CRM held the weekly R2 pivot as support, formed a perfect handle and after the BO it went to sleep until the last hour.

I'm adding CRM and INTU to my watchlist as both gaps were accompanied with high volume spikes on the daily, which generally means much more to come.

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