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Thursday, February 09, 2006

Thursday's charts

DRTE - 020906; 15-minute chart

A lot of you are still requesting trades later in the day - here is one around lunch. The pattern is the same as many of the opening trades I highlight on the blog - three bars with higher lows and equal highs (some of you may call this a wedge). A break of the eleventh bar high is a great entry for a trade back to the retracement zone from the previous day's high to the opening range low. This trade delivered just over 5%.

PMTI - 020906; 15-minute chart

This is another "late morning" trade. It is a variation of a pattern we have discussed several times in the past month - check here.

Note how the eighth bar rallies off the opening range low and closes strong, offsetting the previous weak bar. PMTI goes on to rally into the retracement zone and the 34MA before finally reversing.

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