1.) What did I see?
A gap up with the first three bars drifting lower off the morning high. But, the third bar forms a textbook hammer and the overall chart looks bullish with price above the retracement zone from the previous day's low to the opening range (OR) high, and the 34MA moving up at a nice angle.
2.) What is the entry?
A break of the third bar high (being aware that if price stalls or reverses at the previous OR high, I would exit*).
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; the target was hit two bars later.
*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. SU broke through the OR high (decisively) with the fourth bar.
Notes - check back later tonight as I will post another chart or two.
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