20070409 - JNS - 15mins - Loss

Symbol: JNS
Type: Long
Entry: Half way through the 6th bar
Exit: Stopped-out during at the low of the 9th bar
Result: Lost -0.72%

JNS gapped up this morning reaching beyond the opening-bar high during the first few candles. It finally cleared the Opening High on the 5th bar by closing above the High. Although it was a 'down' candle, I took the risk of entering Long, once I saw the price raised beyond the 5th bar high. My initial target was the 119% Fib. Extension, and my Protective Stop was set slightly below the opening bar high. Maybe I should have at least set the Protective Stop at the low of the 3rd and 4th bar. But this is speaking after the fact. :-(