FFIV - 052306; 30-minute chart

posted by Tom C:

A variation of X's "bread and butter" short:

Price rallied to the top of the retracement zone, and reversed. As it crossed back through the bottom of the retracement zone, it formed a "hanging man" on the 8th bar (note it also fell back below the 34MA). I shorted a break of that bar's low, and covered at the Fibonacci extension of the previous day's high to the opening range low.



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Tags:
Trader-X, Stocks, Fibonacci, FFIV