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Sunday, February 26, 2006

WTZ - 022406; 15-minute chart

1.) What did I see?
A gap up and weak, wide-range first bar. The second bar rallies back towards the opening range (OR) high. The third bar is a hammer, and a narrow-range (NR3), inside bar. But, it does not trigger an entry. The fourth bar is also a narrow-range, inside bar that does trigger an entry (many of you will see a triangle pattern in these four bars).
2.) What is the entry?
A break of the fourth 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 not hit. But, the position was held and closed at the end of the session for a 5% gain. Not bad for a Friday!

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