ACAS - 060807; 15-minute chart

1.) What did I see?
A gap down and wide-range, weak first bar. The second-fourth bars narrow in range and consolidate in the lower half of the first bar's range. They all leave long upper tails (bearish), and there is overhead resistance from a declining 5MA. The fifth bar is weak with a long upper tail, and closes at the OR low.
2.) What is the entry?
A break of the fifth 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 hit eight bars later.

Set-up grade = "B-" because the trigger bar closed at the OR low as opposed to below it.

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Tags:
trader-x, stocks, fibonacci, trading, acas