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Wednesday, April 05, 2006

RELL - 040506; 15-minute chart

I mentioned RELL earlier today. Here is my analysis:

1.) What did I see?
A gap down and wide-range first bar that leaves a long lower tail (bullish). The second bar is narrow-range and leaves a long upper and lower tail (indecisive). The third bar is the narrowest of the morning, and closes strong near it's high. Looking at the big picture the first three bars formed a nice "U" off the opening range low (all had higher lows than the previous bar).
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 opening range low; it was hit four bars later.

Set-up grade = B (close to an "A")

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