**Quick disclaimer: as I just started this blog, there will be several entries that are only after action, as I had already purchased the shares. I am not trying to make myself look better than I really am by only reporting good trades. I will put every trade I make on this blog, good or bad.**
YELP was bought June 7, 2012 at $17.46. This trade was entered based on a reversal of price action and a positive MACD cross over. Like most of my trades, YELP was brought to my attention via the Twitter machine. Once I completed my research and found it to be a positive target, the trigger was pulled.
YELP was sold on July 11, 2012 at $21.24, for a gain of $3.78/share or 21.6% before commission and taxes. The sell was triggered by negative reversal of price action and an equally negative MACD cross over. I was disappointed in the sell, as I feel that YELP has some more upside in the long term, but I was not willing to risk profits waiting for the bus to turn around. Especially in this current market environment where negative news from the financial shit-hole that is currently Europe could have wiped all my gains from the book.
I would rate myself 8/10 on this particular trade. I had sound reasoning for both my entry and exit, followed my position sizing guidelines and obeyed my risk rules.
YELP will remain on my radar as I believe that it is forming a cup and handle formation, and I will look for a possible re-entry on a break (on volume) above $26.
This material is provided for informational purposes only, as of the date hereof and is subject to change without notice. This material may not be suitable for all investors and is not intended to be an offer, a solicitation of any offer to buy or sell any securities.