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Sunday, February 12, 2006

LNCE - 021006; 15-minute chart

A flat(ish) top and higher lows - we have discussed this many times in the past.

1.) What did I see?
A gap down and strong, wide-range first bar. The second and third bars narrow in range, have higher lows, and almost equal highs (some of you may call this a wedge).
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. After chopping around for a few bars, LNCE broke out and rallied into the target just before noon.

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