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Friday, September 30, 2005

BP - 093005

1.) What did I see?
"Bread and butter" set-up (see GDT earlier this month). A gap down, pullback to the "retracement zone", and a bearish candle on the third bar. Price was also running into resistance from the 34MA.
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
The Fibonacci extension of the previous day's high to the opening range low. Hit shortly after lunch.

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