20070413 - MRK - 15mins - Gain*Paper

Symbol: MRK
Type: Long
Entry: The beginning of the 7th bar
Exit: Stopped-out at the bottom of the 15th bar
Result: Gained +0.5%

The 3th bar of (MRK) had already cleared the Opening High. But I wasn't convinced that the price will rise at that time because of a weak 3rd bar, with a long upper shadow. Finally, there was a strong 6th bar closing at its high, and that's when I decided to enter. The 12th bar reach the Fib. Ext., but I let it ran, hoping that the price will reach 138% level. Not only the prices didn't get higher, it retraced back to the 118% level, and I was stopped-out during the low of 15th bar.

Looking at the rest of the bars in the remaining day, had I stayed in, I still think I would get stopped-out right around my current exit price range.

A very small gain. If my/your size is not big enough, it might turn to a slight loss once the commissions are subtracted.