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Wednesday, September 14, 2005

NEM - 091405

1.) What did I see?
A gap up and struggle with the 34MA (first four bars). The third bar turned down, but the fourth bar resumed the uptrend and closed above the 34MA.
2.) What is the entry?
A break of the fourth bar high.
3.) What is the exit?
Close 1/2 at the Fibonacci extension of the previous day's low to the opening range high (top white line). Price action was strong at this point, with narrow range bars and a move above the extension (top white line). 1/2 was held and closed at the end of the day.

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