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Tuesday, February 28, 2006

Tuesday's action

A lot going on today - GOOG had ~60 point intraday swing and took a lot of the market with it for the ride.

But, a relatively calm day for me. A few good set-ups, but for the most part I was just a bystander. MVL was an entry off a break of the fourth bar high, and took the better part of the day to unfold. I closed it out for a .30 gain just shy of the Fibonacci extension. It may still hit the target, but my patience is wearing thin and I don't like the upper tail/wick on the seventeenth bar.

I'll see what the next two hours hold and may post more later.

2:00 edit - MVL hits the target, and once again the market teaches me that it does not care about my patience - or lack thereof!

This chart may not look too glamorous, but it is just over 2% for the move. If you do that every day, you are talking about some real money!

Nice set-up - a gap up and wide range first bar. The second through fourth bars narrow in range, and each have higher lows. The fourth bar is a narrow-range (narrowest of the morning), inside bar that closes just below the opening range high.

3:00 edit - note how price reversed exactly at the Fibonacci extension; this happens often as I have pointed out in the past. Amazing how this stuff works, right?

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