TRLG gapped up on the open and carved out a hammer with a long lower shadow. Price ascended towards its daily pivot high from May 23rd and consolidated just below it. The 6th 15 minute bar was NR7 (price and volume contraction). I took a low risk, dummy long entry on the next bar as it broke above the PP. Because the gap was small, I extended my Fibonacci lines from yesterday's low to the pivot point (blue line). I took a partial as price reversed after tagging the 75% extension and I closed my position ahead of the FOMC minutes.Wednesday, May 30, 2007
Dummy Trade of the Day - True Religion Apparel, Inc. (Public, NASDAQ:TRLG)
TRLG gapped up on the open and carved out a hammer with a long lower shadow. Price ascended towards its daily pivot high from May 23rd and consolidated just below it. The 6th 15 minute bar was NR7 (price and volume contraction). I took a low risk, dummy long entry on the next bar as it broke above the PP. Because the gap was small, I extended my Fibonacci lines from yesterday's low to the pivot point (blue line). I took a partial as price reversed after tagging the 75% extension and I closed my position ahead of the FOMC minutes.
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