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Tuesday, January 03, 2006

SFCC - 010306; 15-minute chart

1.) What did I see?
A large gap up and a somewhat narrow range first bar that closes red, but forms a nice hammer.
2.) What is the entry?
A break of the first 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 two bars later, and price chopped around that area for the rest of the day.

Notes - see my post earlier today for the importance of targets.

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