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Wednesday, January 04, 2006

SBUX - 010406; 15-minute chart

Perfect hammer, perfect target (tag of the Fibonacci extension). Answer the three questions on your own - and remember the notes from yesterday's PPC trade as they apply to SBUX today:

"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." Obviously, SBUX made a solid break above the OR high on the third bar.

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