I touched on this trade Friday, and I dub it trade of the week!
1.) What did I see?
A gap down and rally off the low on the first bar. The second and third bars are narrow range, inside bars with the third bar being an NR3. Both the second and third bars stay in the top half of the first bar's range.
2.) What is the entry?
A break of the third bar high.
3.) What is the exit?
The target was the retracement zone from the previous day's high to the opening range low - it was not hit. But, XXIA drifted higher most of the day and there was never really a reason to close the position. It went into a consolidation around 11:00, and whether you closed it then or waited until the end of the session, you took just under 10% out of this trade.
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