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Sunday, February 26, 2006

SU - 022406; 15-minute chart

1.) What did I see?
A gap up and wide-range first bar that closes just off the high. The second bar is more narrow-range, and attempts to rally above the opening range (OR) high, but fails and closes below it. The third bar is a narrow-range (NR3), inside bar that DOES close above the OR high
2.) What is the entry?
A break of the third 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 four bars later.

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