Welcome to the Trader-X blog!

> TRADEthemove.com - my thoughts
> meditationSHIFT (formerly "tad")- just say "om"

Sunday, January 29, 2006

MSFT - 012706; 15-minute chart

It didn't make me rich, but I don't often get the chance to trade MSFT with my set-ups!

1.) What did I see?
A gap up and the first five bars rally to move above the opening range (OR) high. The sixth bar pulls back to test that OR high as support, and forms a hammer-type bar.
2.) What is the entry?
A break of the sixth 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 five bars later.

No comments: