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Wednesday, January 04, 2006

FCX - 010406; 15-minute chart

1.) What did I see?
A gap up and strong first two bars. The third bar closes above the opening range (OR) high, but leaves an upper tail/wick. The fourth bar pulls back to close just below the OR high (and narrows in range). The fifth bar forms a textbook hammer and closes back above the OR high.
2.) What is the entry?
A break of the fifth bar high.
3.) What is the exit?
1/2 closed after $1 gain. The other 1/2 closed at the Fibonacci extension of the previous day's low to the opening range high.

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