20070313 - IMH - 15 Min - Gain

Symbol: IMH
Type: Short
Entry: Beginning of 8^th bar
Exit: 13^th bar at the 119% Fibonacci Level
Result: +1.8%

Gapped down on opening with a strong wide range opening bar. 2^nd bar retraced back to almost 50% of the first bar, with long tail touching the opening price line (which signal weakness.) Third bar is a Doji-like formation, and the 4^th bar broke the opening price low. The 6^th bar tested the Resistance level, and the 7^th bar confirmed the Resistance level. I entered at the break of the 8^th bar.