1.) What did I see?
A gap down with the first three bars bouncing around on top of the opening range (OR) low. The fourth-eighth bars fall below the OR low and pullback to test resistance that was formerly support. The eighth bar attempts to rally above the OR low, but fails. It closes weak, below the OR low, and leaves a long upper tail (bearish).
2.) What is the entry?
A break of the eighth bar low.
3.) What is the exit?
The exit was the Fibonacci extension of the previous day's high to the opening range low. It was hit after 2:00. Note how price reversed exactly at that point and rallied for the rest of the session.
Notes - the 30-minute chart provided a great set-up too; look at the fourth bar and a break of that low.
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