CFW Potential C&D Trade

I've been scanning for Cat and Dogs ( typical 1-3 day high flyers) and haven't seen too many pop up. CFW was about the only one that looked like a possibility.

 This is a clear triangle and it even had a 2 day false breakout at the red arrow with some decent volume before continuing the consolidation.


The daily 3C chart doesn't look too bad for a consolidation, the very positive divergence can be seen in early 2011 before the Feb/March move up.

There's a few ways this can be played, as always though, these trades are considered highly speculative and risk management should reflect that. Option 1 is a buy right in this area or a partial buy with a stop around $.44-$.45. The second option which can be combined with option 1 is a limit buy (not on the books, set an alert) above $.56/$.57. If you were to go for straight option #2, then the stop can be placed around  $.52. Based on the price pattern, an intraday target could be $.85, although I'd be quick to take partial or total profits as these don't tend to hang around those highs very long. My general rule of thumb is to take partial or total profits on any one day gain that hits double digits.