This setup is a rally back to where YELP reported recently and will likely encounter some stiff resistance. Low rally back to key resistance in YELP has provided a low-risk entry on the short-side for a return back to 66 and 61.
71.50 is the strongest and 71.20 was reached at the high earlier this morning.
Look for to increase on any decline to confirm the trade is triggering follow through selling from those sellers who are lurking at the 71.50 area.
Tim 11:36AM EST, 8/12/2014 70.25 bid-70.48 ask YELP
A big question for you: Would you like to make a google docs spreadsheet to share with me, I'd love to see it! On a similar path, I am making a "marketocracy.com" account to track a portfolio of the ideas that I put on TradingView. I can only do longs in one portfolio and shorts in another, but it is the best portfolio analytics program that I have known for 5 years. I'll put my link at the bottom of each chart at some point, pending approval by TradingView to link to another site.
Thanks for the input - I am glad that you have shared it with me.