NEOL - 122705

NEOL set-up nicely on both the 30-minute and 15-minute chart.

30-minute:
1.) What did I see?
A gap up and wide range first bar. The second through fourth bars narrow in range, and have flat tops and higher lows (most would call this a rising wedge pattern). The fourth bar is narrow range (NR3) and an inside bar.
2.) What is the entry?
A break of the fourth bar high.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's low to the opening range high - it was not hit. But, I closed the position at the end of the day for a nice gain - over .60 which represented a move of 5%+ on NEOL.




15-minute:
A perfect entry after NEOL closes above the opening range (OR) high set by the first bar, and pulls back to test that OR high as support. The ninth bar closes green, and provides a low risk narrow range entry.