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Monday, May 07, 2007

GROW - 050707; 15-minute chart

1.) What did I see?
A gap down and wide-range first bar that moved up to the retracement zone. The next nine bars fell back to the OR low, with the tenth bar of the day closing just below that level.
2.) What is the entry?
A break of the tenth bar low.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the OR low. It was not hit, and I covered on a break of the fifteenth bar high; the fifteenth bar was a narrow-range, inside bar that closed strong and signaled a possible reversal.

Set-up grade = "C+" - I didn't like the crazy wide-range first bar, and I would have preferred the tenth bar close at its low and not leave a small lower tail.

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Ray said...

Nice trade. I saw it but thought it was too risky. I guess that is why you gave it a C+. Welcome back.

bl said...

I'm tired of bitchen set ups I want MOMO even though it might look messy!