FCX - 011206; 15-minute chart

Another late day entry for all of those who email.

I missed an entry on a break of the ninth bar low, and watched it most of the day looking for another entry; I finally got it on a break of the seventeenth bar low.

1.) What did I see?
Price bounced between the opening range low and the retracement zone from the previous day's high to the opening range low for most of the morning. Resistance from the retracement zone and the declining 34MA was clearly established. Bars twelve-seventeen narrowed in range and drifted lower, printing several inside bars along the way. The seventeenth bar left a higher tail/wick, and closed weak.
2.) What is the entry?
A break of the seventeenth bar low.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the opening range low - it was hit three bars later.

Notes - as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension. FCX made a decisive break of the OR low with the eighteenth bar.