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Thursday, October 20, 2005

QLGC - 102005

1.) What did I see?
A gap down and overall weak showing in the first six bars - the only attempt to rally was the third bar. Note how the second-sixth bars all stayed in the lower 1/2 of the opening range. Bars four, five and six were narrow range compared to the first three bars, and all were bearish candles.
2.) What is the entry?
A break of the fifth bar low (not triggered) or sixth bar low (triggered)
3.) What is the exit?
The Fibonacci extension of the previous day's high to the opening range low - target hit five bars after the entry.

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