1.) What did I see?
A gap up and strong first bar, though it sells off from the high. The second-seventh bars form a consolidation in the top third of the morning range - bullish. The sixth and seventh bars are narrow range, and the seventh bar forms a nice hammer-type bar.
2.) What is the entry?
A break of the seventh bar high.
3.) What is the exit?
1/2 closed after $1 gain, the other 1/2 closed at the Fibonacci extension of the previous day's low to the opening range high (top white line).
Notes - be careful after a strong opening bar - in my experience, set-ups that occur on the second bar of the day (after the strong opening bar) tend to fail. However, if you have multiple bars of consolidation as with THQI, you tend to have a much higher success rate.
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