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Sunday, January 22, 2006

SLB - 012006; 15-minute chart

A long play in such a weak market Friday? Yes - as I have said many times in the past, I take quality set-up's regardless of the overall market direction. Now, I do glance at the overall market several times through the day, and if there is a strong trend in one direction I will be aware of that as it relates to my positions. But, a quality set-up is a quality set-up.

1.) What did I see?
A gap up and wide-range, strong first bar. The second bar closes above the opening range (OR) high set by the first bar. The third bar forms a nice hammer on top of that OR high.
2.) What is the entry?
A break of the third bar high.
3.) What is the exit?
1/2 closed after $1 gain. The target for the other 1/2 was the Fibonacci extension of the previous day's low to the opening range (OR) high; it was not hit and the position was closed at the end of the session for a nice gain.

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