DE offered a good set-up above the Fibonacci extension. It was a small gapper, but a gapper nonetheless!
1.) What did I see?
A gap up and wide-range, strong first and second bar. The third bar was narrow-range (NRM), and consolidated at the morning's high ABOVE the Fibonacci extension of the previous day's low to the opening range (OR) high.
2.) What is the entry?
A break of the third bar high.
3.) What is the exit?
1/2 of the position was closed after $1 gain, the other 1/2 was held and closed at the end of the day.
Set-up grade = B - only because these entries are somewhat riskier. But, this was a great set-up.
Check out TSAI on your own - it offered a good entry on a break of the sixth or seventh bar high. It did not reach the target, but still provided a nice profit.
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Tags:
trader-x, stocks, fibonacci, trading, de
1 comment:
Speaking of small gaps, SPN was good to me today. Entered on a break of the 3rd bar, 30-minute chart.
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