RENN Trade Management (long)

 The RENN long is up about 25+% since the idea, yesterday I recommended a trailing stop.

 Volatility has picked up as you can see in the lower window, the Trend Channel (60 min) shows a stop around $6.55, which still allows for some consolidation.

 Using a 22 bar ma on a 60 min chart, the stop is closer to $6.45.

If you are looking to really preserve profits, the 30 min 22 bar average will do, but will not allow any room for further consolidation. You can always consider phasing out of the trade as well.

There's some 1 min distribution in RENN, the 5 min chart is still holding up. I'm all for taking profits in a choppy market especially when they are double digit in several weeks, however if the market can build some strength here as it appears it is trying to do, RENN may get a shot at some more upside. If RENN closes on heavy volume with an inside day (the way it looks right now), I would prefer just to take the profit as that would constitute a candlestick reversal signal.