I had liked this set up from yesterday and after PYBI sold off in the AM and started bouncing back I thought I might present a lower risk set up for a continuation anticiapation type move. Although I did get a bit of a push it subsequently sold off and stopped me out at 237.50
Exit: 237.50 (-4.17, -.6R)
The moral of the story is that on a Continuation anticipation set up the stop loss should be looser. I played it like a momo burst trade and got stopped on noise. The loss was small next.
VIMC has formed a dragon (set up 4) over the past two months. It has since been tightening. VIMC had earnings last night that were good but the stock dropped 10% nonetheless. It then rallied back after bouncing on the trend line and the 50 week MA. I viewed the reversal action given where it bounced as very positive. I entered on the way up at 9.17. I think a move to $10.50 is likely but I'm not going to give this much room to work. It is either going right away or it can go without me.