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Saturday, August 26, 2006

ISLE - 082506; 15-minute chart

posted by Tom C:

ISLE was a great trade on Friday. The initial entry was a break of the 5th bar low. I was worried about the long tail on the third bar, but overall the picture was weak. The initial target was the Fibonacci extension of the previous day's high to the opening range low, and it was hit on the next bar.

ISLE then offered two more opportunities to enter below the Fibonacci extension - on a break of the 8th and the 10th bar lows. It continued to fall until the last hour of the day.

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