JCP was a textbook gap up with a pullback and setup "beyond the Fibonacci extension". The only problem was that the entry was below a whole number ($32). I took the trade, but watched for resistance at that level and planned for a quick exit if it materialized. It didn't - price cut through $32 and rallied to the $32.50 level, where I closed the position after seeing multiple signs of weakness.
Fibonacci lines were plotted over the previous day's close to the current day's open. The trigger bar is marked (a narrow-range, hammer-type candle that closed green above the FE). My exit level is marked with a horizontal, black slashed line. A nice .50+ gain in under 30 minutes.
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