080307 - NTAP - 5mins - Gain*Paper

• NTAP gapped down and quickly consolidated near the 80% Fib. Level
• The 4th bar in the 15mins chart (first chart) crossed the Opening Range Low, but the 5eMA looked too far away
• I then turned to the 5mins chart (second chart) and noticed that the consolidation range at the 80% Fib. Level were narrowing, with decreasing volume, and NR7 bars
• It then followed by an High-Volume bar that breached the Opening Range Low (the 10:20pm bar)
• Therefore I decided to take a chance
• My Protective Stop was set to the high of my Entry Bar
• While my initial target was the 119% Fib that was drew from yesterday's high to today's Opening Range Low, on the 15mins chart
• After entering the trade, I also plotted another Fib on the 5mins chart from Day High (1st bar) to Day Low (3rd bar, at that time)
• After seeing the Fib on the 5mins chart, I decided to adjust my primary target to the 161% Fib. on the 5mins, and the secondary target would be the 119% on the 15mins chart
• I continued to adjust my Stop as the prices went down
• I was 100% Stopped out durig the 11:25 bar
• And the prices eventually reached my secondary target
• A gain of close ot 5Rs

Not too bad! Now to all traders out there, I hope you will have a wonderful weekend!

atest