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Thursday, December 22, 2005

RIMM - 122205

Nice and simple.

1.) What did I see?
A gap up and wide range first bar. The second bar forms a "hammer-type" candle that closes near the opening range high (set by the first bar), and is also a narrow range, inside bar.
2.) What is the entry?
A break of the second 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 hit towards the end of the day (and note how price reversed at that point).

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