Last night I posted the daily chart of GRMN, highlighting the bullish rounded H&S, or C&H pattern. I also noted that there are no shares available for shorting with IB and we could get a short squeeze. Well, the shorts weren't bothered by today's gap up and I certainly didn't feel any squeeze action, but it was a winning trade just the same.

As highlighted on the daily, I set my prelim. target today at $55.00 based on the pivot points.

This is the 5 minute time frame with my entry on a bullish flag (pennant) BO.

Once the trade is safely underway, I manage it from the 15 min. time frame, otherwise it's too easy to start taking money off way too early. I would have liked more volume on the BO bar. I started to worry after the second BO bar closed as a shooting star and immediately moved my stop pennies below it. If it turns into a failure, it can reverse sharply, so precautions are necessary.

The problem was that GRMN didn't consolidate long enough before breaking out of the bull flag. Yesterday's late session rally plus the gap and the wide opening range, combined, to make a huge move. If stocks don't consolidate enough before breaking out, they pause after the BO and consolidate some more. After a few low volume inside bars, price finally took off as expected and almost reached the prelim. target. I wanted to take a partial as price approached the target, but it stalled and I ended up getting out on weakness.

I placed my Fib. extension lines from the previous day low to the ORH, Trader-X style, and we almost reached the 50% level (matches prelim. target from daily).