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Tuesday, November 08, 2005

SNDK - 110805; 15-minute chart




1.) What did I see?
A gap down and weak first bar. The second and third bars cannot close decisively below the morning low set during the first 30 minutes, and they form a narrowing range. Both are also Doji candles, which represent indecisiveness; in this case they are a bullish sign as SNDK fails to continue the down move. The fourth bar moves nicely off the bottom, and closes strong.
2.) What is the entry?
A break of the fourth bar high.
3.) What is the exit?
1/2 closed after $1 gain, the other 1/2 closed at 34MA. Price continues to move up slightly, but stalled out at the retracement zone of the previous day's high to the morning low.

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