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Tuesday, February 07, 2006

NEM - 020706; 15-minute chart

1.) What did I see?
A gap down and wide range first bar. The second bar is [more] narrow-range and an inside bar. The third bar is [more] narrow-range (NR3).
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the opening range low - this was just over $1 gain, so instead of closing 1/2 after $1 as I usually do, I held the entire position and closed it when it hit the Fib extension two bars later.

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