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Wednesday, March 08, 2006

LEXR - 030806; 15-minute chart

I had to have patience with this one, as it stalled out and went sideways for over three hours. But, it was worth it!

1.) What did I see?
A gap up and strong, wide-range first bar. The second bar is more narrow-range, forms a "hammer-like" candle, and closes above the opening range (OR) high.
2.) What is the entry?
A break of the second 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 towards the end of the session.

Set-up grade = B; very close to an A but I cannot bring myself to do it!

Notes - a low-priced stock with good volume and small risk - the total for this move was over 6%.

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