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Thursday, September 29, 2005

GDT - 092905

1.) What did I see?
Another "bread & butter" set-up - one of these a day and I would be on easy street. A gap down, pullback to the "retracement zone", and a bearish candle on the third bar.
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
I am looking for an exit at the Fibonacci extension of the previous day's high to the opening range low. Many times price will reverse at this level. In this case, it continued through but I still took a nice profit. Remember - it is always good to take a profit and it is very hard to [always] get the exact high and low of a move - although I do get lucky sometimes!

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