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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Tags:
Trader-X, Stocks, Fibonacci, CYBX
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