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Wednesday, January 18, 2006

GYI - 011806

1.) What did I see?
A gap down and the first bar rallies, but the second and third bar reverse and price falls below the opening range (OR) low. The fourth bar narrows in range below the OR low, and the fifth bar attempts to rally but fails, closing weak and leaving a long upper tail/wick.
2.) What is the entry?
A break of the fifth bar low.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the OR low - it was hit a few hours after the entry.

Notes - if you send me an email this week, be patient. I probably will not be able to respond until I am back from the East Coast (this weekend).

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