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Monday, June 05, 2006

MRX - 060506; 30-minute chart

posted by Tom C:

I mentioned this chart earlier:

1st bar - gap down and weak
2nd bar - hanging man
3rd bar - not a perfect hanging man, but it will do...and, it closes below the OR low.

Note how it reverses at the Fibonacci extension of the previous day's high to the opening range low. It pays to have a target and take profits!

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Terry said...

I think I know your new filter. It has to do with the size of the gap, and I think you measure it in relation to PP calcs. Right or wrong?

Trader-X said...

posted by Tom C:

Yes, you are on the right track. Good job - experiment and see what you can make work for you.