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Thursday, November 03, 2005

CMCSK - 110305




1.) What did I see?
A gap down and weak first bar. The second bar made a feeble attempt to rally, and closed weak off the high. The third bar was bearish, narrow range, and an inside bar.
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the opening range low. The target was not reached, as CMCSK went through "chop" for most of the day. I covered for a small gain* on a break of the sixth bar high.

*Taco Bell or McDonald's?

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