Welcome to the Trader-X blog!

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

Monday, January 23, 2006

PKX - 012306; 15-minute chart

Still getting a lot of requests for entries later in the day...

1.) What did I see?
A gap up with two wide-range first bars. Price drifts up slowly and the bars narrow, with the tenth-fifteenth bars breaking through the opening range (OR) high. The fifteenth bar forms a nice hammer and closes above the OR high.
2.) What is the entry?
A break of the fifteenth bar high. Some of you may have entered on a break of the twelfth bar high, which was also valid.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's low to the opening range high; it was not hit, but PKX drifted higher all afternoon and finished strong. The position was closed at the end of the session.

No comments: