LOGI - 120205; 15-minute chart at 2005-12-04 19:51:27
Again, nice and simple makes money.
1.) What did I see? A gap up and strong first bar. The second-fourth bars make a nice pullback from the morning high, without penetrating the 50% mark of the first bar (they also narrow in range). The fourth bar forms a nice hammer and starts the move back up. 2.) What is the entry? A break of the fourth bar high. 3.) What is the exit? The target was the Fibonacci extension of the previous day's low to the opening range high. LOGI took it's time reaching the target, but eventually got there before the close.
Notes - LOGI set-up nicely on the 30-minute chart, too. See below.
