My next trade was in NTAP which I found on my gap up list as a little novice but this is the 3rd day up after a 4 day daily consolidation, so I felt it was ok to play long. My entry was the first 5 minute buy which looked great at the time coming off the 8 ma. I usually will wait to take it off the rising 20 ma but I kind of jumped the gun on this play and had to set with my butt puckered a little longer then I had hoped. Price finally corrected with the market and moved up higher to an area where I sold 1/2 of my shares then moved back down for two bars and pivoting so I added some shares back and brought my stop to just below this area. Price then went sideways breaking out finally back up to the prior high where I expected price to move through this area, but it did not, price action rolled back down and finally stopping me out of my final shares just before lunch. The play looked promising but the outcome was only 1/2 R in profits...
ntap01282013