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Wednesday, May 30, 2007

WNG - 052907; 10-minute chart

posted by Tom C:

I would have preferred an entry just above the OR high (as opposed to the white space between the OR high and the actual entry), but I was compelled to take this trade anyway. Price gapped up, moved above the OR high, and consolidated. The 11th bar was narrow range, but green as it moved off the 5MA (note how during the consolidation, price drifted into the 5MA and found support there with the 8th-11th bars).

My entry was a break of the 11th bar high, and I sold at the Fibonacci extension of the previous day's low to the OR high.

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1 comment:

Anonymous said...

this is one chart with the 15minute being kinda dangerous the 10/15 bar was a headfake... i mightta grabbed that one outta the multi-bar consolidation.