Watch List Trades - NTAP, JOYG, SEPR

NTAP broke out of a multi day triangle pattern on the gap open. I took an early entry on the 1 minute chart above. I took a partial at the round $ number and weaved in and out during the course of the day expecting an extension of the ORH. I went long after each hammer bar. The first attempt failed, but the second off of a higher low, succeeded.

There's still room for another trade as I expect a gap fill as outlined below.

JOYG was NR7 off of the 5 minute timeframe.

SEPR had a perfect base but I didn't take the trade because of the wide stop. I knew I would be too busy with NTAP on the open.

This is a wide range view of AKAM 15 min. - basing at the PP. Could be a trade here for tomorrow.

Trade of the Day - C.H. Robinson Worldwide, Inc. (Public, NASDAQ:CHRW) and NYSE Group, Inc. (Public, NYSE:NYX)

CHRW was a HCPG pick and it played out exactly as they expected and explained in their newsletter (Nice work guys!) CHRW gapped up and immediately started coming back in. It held support from Friday's afternoon low and started to move back up. It conveniently carved out a small stick prior to breaking through Friday's high on an uptick in volume. I set my stop just below the previous bar, entered a dummy long on the break, and watched it take off. I exited in early afternoon after it printed a long upper shadow and broke a three bar support level.

NYX was a Cup & Handle breakout on an uptick in volume. I have been watching this pattern develop over the last two sessions and my patience paid off with a 2 pt. move. I had checked the daily timeframe and new that the target was situated somewhere between the downsloping 10 day EMA ($91.66) and the bearish gap closure from Feb. 9th ($92.07). As it turns out, today's high was $91.98, very close to my exit. I exited shortly after NYX failed to take out $92.00.

Trade of the Day - Ross Stores, Inc. (Public, NASDAQ:ROST)

The first two charts are before and after daily timeframes. The first is a view of chart last night and why I had it on my watch list going into today's retail sales data. The second is the daily view after today's breakout to all time highs.

The first 15 minute bar was WR and closed near the high end of the OR. The second bar filled the shadow of the first bar and closed in line with the OR high. I took a low risk dummy entry on a break of the OR at the beginning of the third bar. My initial stop was just below the second bar. ROST rallied then consolidated in a narrow range, followed by another rally which tagged the 62% Fibonacci extension. Since the stock was trading in blue sky territory, I had no target and used the Fibonacci extensions as my guide. I took a partial at 62% and the balance at 100%.

I took a second low risk dummy entry in mid-afternoon, hoping for a retest of the morning highs, but it took too long to get going, however, it was a nice bit of icing to add to the morning trade.

Trade of the Day - MasterCard Incorporated (Public, NYSE:MA)

MA was a breakout candidate at $113.00 as highlighted on the HCPG (highchartpatterns)newsletter last night. Although it was already on my momo list, the HCPG newsletter alerted me to pay special attention to MA this morning.

I played the breakout as a low risk dummy entry with my initial stop just under the breakout point. My initial risk on the first entry was $0.30 and I sold my position after a 1 pt. gain. Because that the stock had run up substantially before the break, I knew we were going to turn around and retest. Once the stock had successfully retested the $113.00 breakout point and taken out the previous bar high, I entered a second time for another low risk entry just above support of the rising 10 period EMA.

MA reports earnings tomorrow before the bell.

Sorry about the late postings. I will be back on schedule next week.

Dummy Trade of the Day - Cephalon, Inc. (Public, NASDAQ:CEPH)

My strategy going into today's session was 100% low risk, after yesterday's failed break, and the elections, I wasn't sure what to expect.

CEPH was a dummy, breakout setup. With intraday breakouts, I always expect a retest of the breakout point, and that's basically what happened with CEPH. Once the retest was out of the way, the stock moved quickly up to the $78.00 area. I decided to let it go as it consolidated the rally because today's market action was a little unpredictable and I wanted to preserve my profit.

BIDU was a low risk entry following a big move in the morning and a lengthy consolidation. As soon as price was well above $98.00, I moved my stop up to that point and shortly thereafter, I was stopped out.

ADLR was a low risk entry off of a higher low at the convergence point of all of the MAs. My target was $8.00, however, the stock swooned mid-afternoon (thought I was going to get scratched) and that delayed the proceedings. I managed to make $0.30 on it and will likely be trading it again tomorrow, possibly on a break of $8.00 with a target of $8.75.