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Tuesday, October 24, 2006

RMD - 102406; 15-minute chart

I wanted the fourteenth bar to be a hammer, but it did not quite form one. It was a compelling trade nonetheless, with support from the opening range (OR) high and a rising 5MA.

The target was the Fibonacci extension of the previous day's low to the OR high, and it was hit three bars later.

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1 comment:

QQQBall said...

nice trading tom, thanks for posting. BHP rallied of the gap down and broke above the opening price by more than .11.