Monday, August 28, 2006

Trade of the Day - CheckFree Corporation (Public, NASDAQ:CKFR)

As per this morning's watch list, CKFR opened lower and tested the 38% Fibonacci retracement level from Friday's high to Thursday's low. I watched it trade in a very narrow range for the first 5 - 10 minutes and placed a buy stop limit order at $35.05. The rest was a smooth, orderly ascent to test resistance at $36.00 where I locked in 50% of my profit. I moved my stop to $35.75 and by mid-afternoon, I moved it up again to $35.95. I exited the balance of the position into the close.

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