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Friday, September 23, 2005

CNX - 092305

1.) What did I see?
I usually look for my set-ups after the third bar forms. However, a nice set-up occured here after the second bar. A gap down but a somewhat strong first bar, and a second bar that formed a "hammer-like" pattern (top tail was a little long, but close enough).
2.) What is the entry?
A break of the second bar high.
3.) What is the exit?
1/2 closed after $1 gain, the other 1/2 closed shortly thereafter at 34MA resistance.

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