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What Am I Doing Day-Trading YELP Today?

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September 06, 2012 – Comments (0) | RELATED TICKERS: YELP

As I figure, I probably have about a 60% chance that this trade isn't going to work out. So why the heck would I even make this trade to begin with?

Because of the risk/reward that goes with making this trade.

You see, YELP has seen a surge of buying interest in recent days, going from the $17's all the way into the $26's. 

Today you have a huge market rally and YELP is down over 3% on the day. 

So my strategy is as follows

Wait for an ideal risk scenario where either the stock has to bounce, or I get quickly stopped out. 

Make the stop-loss where if the trade doesn't work out, the minimum I lose is 4:1 to what I could've have made. 

Because YELP is so volatile and a high-beta stock - this is very possible. 

Now let's put it into practice.

Here's the rest of the post (with chart setup) 

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