Friday trade - RIMM

I really liked this trade. It ended up being break even, but the setup was good, and if I saw the same setup again I would make the same trade. There were several things that I liked about this trade:

Series of lower highs showing bearish sentiment

NR7 at base of ORL on 15 minute charts with volume contraction

Descending triangle look

Base & Break setup on 5 minute charts

With the strength of the setup this one should have broken out quicker, so I was quick to move my stop to break even when it didn't break as fast as expected. I started seeing some bullish setups in other Nasdaq stocks too. AAPL was putting in a rounded bottom. My one reservation with the setup was the time of day, right before lunchtime which is most often choppy. However on Fridays, I have a theory that traders try to take a half day and stick around until 1 EST. Perhaps this Friday was different with everybody waiting for news on the Congress bailout plan.

Setup:80