Tuesday, February 23, 2010

Set ups I like for tomorrow

TMH on a move through $15.25 with add-on buy point of $15.50 on volume with an 8% stop loss (for a position trade, continue to monitor until it breaks out or down);

SHE on a move through $10.00 with a stop loss at $9.50 (for a 3:1 swing trade, continue to monitor as long as price action remains tight if it does not break out tomorrow);

IFLG on a move through high of previous day ($6.22), if open is within yesterday's range, with stop at the low of the current day or move to new high ground for the day after pullback if it gaps up with a stop loss at low of day or below other obvious support (for day trade);

CHOP on positive reaction to earnings announcement and breakout out from triangle pattern with price move through $6.75 with stop loss at $6.25 (for position trade). Trades like these can really make your year when they work out since CHOP could yield several points of reward compared to only $0.50 of risk per share. If it does trigger a buy signal I will risk more than the standard 2% R on CHOP.

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