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BZH - 110805; 15-minute chart
at 2005-11-12 19:43:03
1.) What did I see?
A gap down and sideways action after the first two bars. The third-ninth bars form a narrow range pattern, and the ninth bar is narrow range, an inside bar, and "hammer-like" - closing near the top of the morning range.
2.) What is the entry?
A break of the ninth bar high.
3.) What is the exit?
The target was the 34MA (solid blue line). BZH made a textbook reversal when it touched the lower boundary of the retracement zone (see the 13th bar) of the previous day's high to the morning low. I closed the position on a break of that 13th bar low, anticipating further weakness. The target was not reached, but a good trade nonetheless.
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