20070313 - KLAC - 15 Min - Mrs. Gain

Symbol: KLAC
Type: Short
Entry: Beginning of 17^th bar
Exit: 19^th at the 119% Fibonacci Level
Result: Approx. +0.5%

Gapped own on opening with a fairly weak 1^st bar, with a fairly long shadow. Prices retraced back to near the Opening Range High followed by another fall towards the opening low. The 12^th bar broke support established by the 1^st and 3^rd bar, and tested the 119% Fibonacci level. The 13^th and 14^th bar retraced back with the 15^th thru 17^th bar testing, and confirmed, Resistance. An entry could be made during the opening of the 17^th bar, and exit on the 19^th bar at 119% Fibonacci, or even at the last bar, which is the 138% Fibonacci.