3SOF

White candle on UPCS, although it closed slightly down. Volume suggests the stock will continue to rebound from this consolidation phase and, trend being a good friend of mine, the stock will continue to advance.

If the last candle was made with above average volume this would be a pretty bullish engulfing candlestick pattern. Without the volume the candle loses relevancy and it is just another day.

It is taking some time for UPCS to take of from this consolidation phase after the breakout of the $7.75 resistance. As long as the stock manages a close above $7.75 (now support), one can only hope the technical target of the breakout will be reached, around $9.38.

UPCS is still technically perfect, unfortunately even these kind of stocks don't go up in a straight line. Volume was a bit higher on this second white candle so I expect continuation for today. If the stock makes a new closing high above $8.34 (it closed Friday at $8.25) we have a pretty safe technical setup for a ride to the $9.38 level, which is the technical target of the breakout.

Did David sell UPCS?

Yes I did, when I saw the stock up so much little after the open I put a sell order at my $9.38 target. I'm talking about this technical target for so many days I lost count.

Bought by the chart, sold by the chart.

Nice 17% profit 

(the fact that the stock reached the technical target of the breakout doesn't mean it won't continue trending up, but for a trader who's plan was to trade the technical breakout I had to sell when that pattern was completed)

The Sprint news came (Sprint to Buy US Unwired) and UPCS shot up higher. I had my simple trading plan in place, based solely on a chart pattern and breakout, so inevitably I had to follow the plan and sell UPCS at $9.38, the technical target of the breakout made on the 21th of June.

Plan the trade, trade the plan.

An handsome 17% profit. Of course the stock will probably continue to rise over the medium term (the trend is clearly bullish), but a speculator can't own all bullish stocks.