I mentioned Friday that it was not a stellar day - but there were a few standouts.
1.) What did I see?
A gap up and weak, wide-range first bar. After a failed attempt to rally with the second bar, the third through fifth bars continue down to the retracement zone from the previous day's low to the opening range high. The fifth bar leaves a long lower and upper tail/wick - indicating indecisiveness. The sixth bar is narrow-range (the narrowest of the morning) and forms a hammer on top of the retracement zone (I would have preferred this bar close green, but it was a nice hammer nonetheless).
2.) What is the entry?
A break of the sixth bar high.
3.) What is the exit?
The first target was the morning high - it was hit after lunch. The second target was the Fibonacci extension of the previous day's low to the opening range high. But, CYTC printed a bearish candle on the twenty-first bar, leaving a long upper tail. I closed the position on a break of that bar's low.
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