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CHL - 012507; 15-minute chart at 2007-02-06 15:26:22
1.) What did I see?
A gap down and attempt to rally with the first three bars. The third bar leaves a long upper-tail at the declining 5MA, and the fourth bar is weak and falls back to the OR low. Price consolidates at that level for the next five bars, and the ninth bar forms a "hanging-man" type candle right on the OR low (the close of the candle = the OR low).
2.) What is the entry?
A break
