Dummy Trade of the Day - Overseas Shipholding Group Inc. (Public, NYSE:OSG)

OSG gapped up on the open and carved out a WRB, followed immediately by an orderly pullback. It printed a three bar bullish morning star reversal pattern just above the rising 5 period EMA, followed by a NR7 as volume contracted to its morning low. I waited until price took out the high of the morning star pattern before entering long. I estimated at least 2R even if the pattern failed at the OR high. That did not happen and as you can see from my two exit points. It doesn't get much better than this. I took a partial at the 38% Fibonacci extension and exited the balance at $67.00. The volume pattern is picture perfect - declining volume on the pullback and progressively increasing volume on the rally. On a daily basis, today's volume is about 5 times average.

Trader-X also traded OSG - read his post for more insights - also check his archives for similar trades to OSG.

MEDI was a midday pullback reversal setup. It met most of my criteria for this setup except the increasing volume on the rally.