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Wednesday, February 08, 2006

NUAN - 020806; 15-minute chart

I left some money on the table with this one, as it broke through the Fibonacci extension and kept running...but, it was still ~6% gain so I cannot complain.

1.) What did I see?
A gap up and wide-range first bar. The second through seventh bars fall back to the retracement zone from the previous day's low to the opening range high. The eighth bar forms a "hammer-type" candle and closes strong.
2.) What is the entry?
A break of the eighth 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 later in the afternoon.

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