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Thursday, February 16, 2006

BSX - 021606; 15-minute chart

This is the same concept as discussed in MFE last week - only a better chart!

1.) What did I see?
A gap up and weak, wide-range first bar. The second through fourth bars complete a "U" turn, and the fourth bar closes strong above the opening range high
2.) What is the entry?
A break of the fourth 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 before 1:00.

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