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Wednesday, October 19, 2005

VAR - 101905

1.) What did I see?
A gap up with the second bar forming a hammer above the retracement zone of the morning range.
2.) What is the entry?
A break of the second bar high.
3.) What is the exit?
I watched the Fibonacci extension of the morning range to make sure VAR would not stall - it easily blew threw that level. I closed 1/2 after $1 gain, and closed the other 1/2 after the fifth bar. As you can see on the chart, the fifth bar left a long upper tail which is generally a bearish sign. I was sitting on a nice gain, and decided to take the money and run.

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