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Tuesday, April 18, 2006

PPDI - 041806; 15-minute chart

There are several good trades in the "Comments" section of the previous post - take a look at the charts and answer the three questions on your own.

I mentioned PPDI earlier today. I had an reader email me that he entered on a break of the second bar high, which was a valid entry. I entered on a break of the fifth bar high. The fifth bar was the narrowest range of the morning (NRM), and closed just below the OR high. Price ran into some resistance at the 50% mark between the high and Fibonacci extension, but quickly recovered and hit the target shortly after 1:30. Note how it reversed at exactly that point (the Fibonacci extension of the previous day's low to the opening range high), and sold off the rest of the day.

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