Trade Review STMP. Setup, entry and exit

Hello readers, since i don't have many decent trade setups for Monday, i have decided to write a post about a trade that we did on Friday. We day traded STMP, for a quick 5% gain. I'll explain the setup, entry ,exit below.

STMP is a leader stock in current Market as it sits above all the moving averages. This was a NR7 trade setup. one of my favorite pattern to trade.On the daily chart we can see that it has tested previous break out area and 8 EMA and printed a NR7 candle on Thursday.
NR7 simply  means narrowest range day in last seven days as the stock tightens up and buyers are sellers are at an equilibrium, causing it to print a doji candle  Idea is we will go long on the day eight if it breaks previous days high(means buyers won the game) or short it on previous day low(Sellers won).

60 minute charts as off Thursday shows a beautiful tight Symmetrical triangle setting up.Need a resolution one way or another and soon.

Setup is to buy on the break of Thursday's high which was 18.81. No initial stop at the beginning  with minimum target of 20 which was close to previous high 19.95. It moved really quick on Thursday morning while Index's gaped down and were relatively weak.

5 minute chart on Friday. Our entry was 18.99. Little more than initial 18.81 since it moved fast.Sold Partial at  19.60. Beacause at this point the stock has moved too fast and too far from the base and 20 EMA. Needed a minor consolidation. After a little consolidation, surely the stock hits our target 20.I sold all at 20. Nice,clean and a quick 5% day trade.
I would have loved to hold on to a few but while this stock was high of the day, Index's looked really heavy and was almost at the low of the day. I didn't want to take any chance with my quick gains with a volatile Market and since it also met my day trading target. After I sold that stock went up another .19c. But I was happy with my gain. Specially, when i saw the stock completely gave up most of the gain later on the day.

So , lesson is , in this volatile Market,take your trades only on a proven setup.be quick to take your gain and move on. If you like to trade with me, please send me a email, thenyctrader@gmail.com