Mid-day fade trades Part II

Here's part 2 of the mid-day fade trade: (see part I here)

- The trade did not work, but it gave me 2 important piece of information that provided me an edge for a breakout trade later in the day. (love paying little for information!)

Trade 2: LVS - 8/12/10

-30 min chart showing levels to watch are 28, 28.07 (resistance) and 28.40 (gap fill)

- 5 min chart showing 3 push pattern into resistance mid-day

- rallies are needing more time to rest

- after entry, stock was getting well bid around 27.75... did not drop together with market and showing relative strength intraday

- stopped out 27.88 on a lowered stop as stock is holding 20EMA (-1c)

- the trade was busted, but it gave me 2 pieces of information

- LVS was a leader intraday showing relative strength and has become candidate for breakout for eod push

- LVS has bids at 27.75

I kept tracking LVS, it made another move over 28, but stopped at 28.07 resistance around 1pm. Since its still mid-day and market was not trending, it did not fit my criteria for buying a breakout.

Then 2:55pm comes around (into eod where breakout trades have a higher probability of working), market was firming up, LVS pushed through 28.07. I bought the breakout at 28.08 w/ stop at 20ema and target of 28.40. (see chart below for details)

If anyone is reading this, let me know your thoughts on this trade.

-Chris