Trades of the day, RIGL and BBY!!!

I had 5 trades today, but I usually just post one great trade of the day. Today I'll be posting two. RIGL had a huge gap down yesterday and it still had a decent short interest percentage in it. When it started to tick up a bit this morning, I knew it might be ready to breakout of a short-term trading resistance around 5.70. Knowing some shorts weren't going to hold it over the weekend and just cash-out their profits, I decided to go long 1000 shares at 5.72. Sold it at 6.25 for a .53 point gain when I thought it went up too fast and needed a pullback. Now I'm wishing I held on a bit longer, but you can never really sell at the top.

_________________________________________________________________________________
_________________________________________________________________________________

Now as you can see on the below picture of BBY weekly chart since 2001, it was starting to flirt with a 10 year low around the 11.30 price level.

I waited this morning to see if BBY will break the 12 dollars a share price level, then when it took it out, I looked for a reversal signal on a 5-minute candlestick bar chart. The candlestick hammer ended up forming about 10 minutes later and I went all-in on a 1000 shares at the next 5-minute bar at 11.65. I placed a stop at 11.39 and my profit target was at least 12.25, making my risk to reward a lousy 1:2, but I knew the probability of  BBY going to a 10 year low today was not happening. Sold it at 12.10 for a .45 point gain.

If you want to see what I might be trading during market hours and interact with me during my trading days, just follow me on stocktwits or twitter @tradermike9.
One more note here,
 I want to express my deepest condolences to all the families In Newtown, Conn. who lost loved ones in this horrific shooting in that elementary school.
       'TraderMike