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Tuesday, September 20, 2005

PBG - 092005

1.) What did I see?
A gap down and a weak first bar. The second bar trys to rally, but does not get far in relation to the first bar's real body. The third bar is narrow range and weak.
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
A textbood exit at the Fibonacci extension of yesterday's high to the opening range low.

Notes - you should see the common signs I am looking for - a narrow range bar, a lot of times an "inside bar", a set-up in the direction of the initial move (most of the time, not always).

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