Breakout - Potash Corp./Saskatchewan (USA) (Public, NYSE:POT)

Last night we said that POT was coiling and looked ripe for a BO either up or down. The red lines indicate the pre-market high/lows. The pre-market gives a pretty clear signal that price wants to break to the upside.

In order to trade the BO, we move to the lowest timeframe. On the 1 minute chart below, we see that price gaps and pulls back on lower volume, candles form lower shadows and we pull the trigger as price approaches the BO base at $97.00. If price stalls at the pre-market high, we'll exit. That doesn't happen so we hold on until price breaches consolidation lows, where we lock some in. Price retraces and eventually comes back down close to BO point. Once it rallies back up to base, we add back to our position at the same price we partialed out.

Price makes new high and continues above whole $ level - $100. After it prints a lower high, we tighten stop.


GRMN - B&B back up to ORH.

Stocks to watch tomorrow - CNQ - 2 inside days. Gold stocks - waiting for range BO - Canada said it will takes measures to curb $CAD strength as the higher dollar will hinder economic recovery. Also continue to watch $USD and reaction to rate decisions overseas - Euro and British pound.