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Friday, May 19, 2006

MRVL - 051906; 30-minute chart

posted by Trader-X:




I had a few minutes to kill, so I thought I would post a trade from today.

MRVL offered two opportunities to get long:

1.) The third bar was an inside, narrow-range (narrowest range of the morning - NRM) candle that closed green and left a long upper tail. Long-time readers know I like this particular candle - price rallied but could not hold the high. If the next bar can rally through the previous high, it is a bullish sign. In addition, the first three bars formed what many of you will see as a "triangle".
2.) The sixth and seventh bars formed "hammer-type" candles at and (closing) just above the opening range (OR) high.

The target was the Fibonacci extension of the previous day's low to the OR high; it was hit at the end of the day.

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2 comments:

Anonymous said...

Hey X,

MRVL was my trade of the day. I got in on the sixth bar and let it ride until the EOD.

Have a good weekend, and my bet is that Bonds is going to continue his choking streak!

Anonymous said...

Damnit, not sure how I missed that one.