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Friday, September 30, 2005

AMX - 093005

1.) What did I see?
A gap down with a quick recovery - the first two bars are stong and the third and fourth are narrow range and "hammer-type" bars. Two more key points make this a low-risk set-up - 1.) a nice move and consoidation above the 34MA, 2.) a nice move through the "retracement zone" of the previous day's high to the opening range low.
2.) What is the entry?
A break of the third (not triggered) or fourth (triggered) bar high.
3.) What is the exit?
The Fibonacci extension - hit at the end of the day.

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