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Monday, March 06, 2006

ESLR - 030606; 15-minute chart

This set-up is similar to Friday's WEN set-up.

I actually like ESLR better, but give it a "B" because I prefer set-ups that happen after three bars (my experience is that the most reliable set-ups occur after at least three bars).

But, the hammer was perfect on top of the retracement zone, and if you held a portion of the position after the original target was hit, you saw a nice continuation above the Fibonacci extension and a clear signal to exit the remaining position on a break of the sixteenth bar low.

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