Welcome to the Trader-X blog!

> TRADEthemove.com - my thoughts
> meditationSHIFT (formerly "tad")- just say "om"

Saturday, March 11, 2006

RHAT - 031006; 15-minute chart

The same type of set-up as NEM.

1.) What did I see?
A gap down and wide-range first bar. The second bar narrows in range and closes strong, staying above the opening range (OR) high. The third bar is the narrowest range of the morning (NR3) and forms a "hammer-like" bar, closing strong.
2.) What is the entry?
A break of the third bar high.
3.) What is the exit?
The target was the retracement zone from the previous day's high to the OR low, or the 34MA which coincided with that area. Price rallied into that area by Noon.

Set-up grade = B; another solid set-up.

, , ,

No comments: