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Monday, October 17, 2005

ISON - 101705

1.) What did I see?
A gap up and weak first bar, but a nice reversal in the second-fourth bars. The fourth bar is "hammer-like" - the tail on top is a little high, but close enough (thus, "hammer-like").
2.) What is the entry?
A break of the fourth bar high.
3.) What is the exit?
I watched this trade closely at the Fibonacci extension of the day's low to high - it broke through nicely and the sixth bar formed a hammer and continued the run. I closed the position at the end of the day. ISON is a low-priced stock, and the total move for this trade was over 25%. You have to love that for a Monday!

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