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Sunday, May 28, 2006

CYBX - 052606; 30-minute chart

posted by Tom C:

I entered on a break of the 3rd bar high - the third bar was narrow (NRM), and the first three bars were very strong after the gap up. I closed 1/2 of the position at the Fibonacci extension, and closed the other 1/2 on a break of the 11th bar low. The 10th bar was a wide-range bar that appeared to be an "exhaustion bar", and when the 11th bar closed red I decided not to take any chances. The remaining 1/2 of the position netted a $2 gain.

Trader-X frequently mentions set-ups above the Fibonacci extension - I marked an example on this chart.

Happy Memorial Day.

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