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Thursday, February 16, 2006

ABB - 021606; 15-minute chart

ABB gave us an excellent opportunity today.

First, it was a great set-up similar to many we have discussed in the past month.

Second, it provided a very narrow-range entry with 4 cents risk to the stop. It is a lower priced stock that has high volume, so you could trade a large number of shares. And, using the Fibonacci extension (from the previous day's low to the opening range high) as the target, the potential was over 10 times the risk.

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