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Friday, December 02, 2005

MACR - 120205; 15-minute chart




Nice and simple makes money.

1.) What did I see?
A gap up and strong first four bars (well - one, two, and four). Bars five through seven make an orderly pullback and stay above the opening range high (they also narrow in range). The seventh bar forms a nice hammer.
2.) What is the entry?
A break of the seventh bar high.
3.) What is the exit?
1/2 closed at the Fibonacci extension of the previous day's low to the opening range high. The other 1/2 closed after $1 gain.

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