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Thursday, September 15, 2005

ANF - 091505

1.) What did I see?
A gap down with the second and third bars starting to show a possible reversal - the second bar printed a long tail, and the third bar was narrow range. The fourth bar's real (up) body matched the third bar's real (down) body, and the fourth bar was a "hammer-type".
2.) What is the entry?
A break of the fourth bar high.
3.) What is the exit?
The 38.2 and 50.0% retracement of the previous day's high to the opening range low. I usually close 1/2 in this area and watch price action to determine when to close the other 1/2. In this case, ANF was also moving up to the 34MA.

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