Posted by Tom C.
SLT was a great setup. Here is what I saw/did:
1.) A gap up, orderly pullback, and move back into the upper half of the morning's range with bars 7-10.
2.) Bar 10 touched the 8MA and closed bullish.
3.) My Fibonacci lines were plotted in classic X-style - from the previous day's low to the OR high.
4.) I entered on a break of the 10th bar high, and sold at the FE a few minutes later.
SLT had good volume (almost 6 million shares for the day) and it was easy to get into and out of; they don't all happen this fast or offer this big of a return, so it was a great way to start the week.
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