20070416 - AMZN - 15mins - Gain*Paper

Symbol: AMZN
Type: Long
Entry: The beginning of the 7th bar
Exit: The bottom of the 19th bar
Result: Gained +1.10%

I saw this strong 5th bar crossing the Opening Range high, and closed very near its high. The next bar retraced back to test the Opening High support level. As soon as the 6th bar closed above the Opening High, I entered in the beginning of the 7th bar. Looking back now, I am not too sure if I made the correct decision to enter at the opening of the 7th bar. Because the 6th bar was a weak bar, and the 7th could totally continue south to at least re-test the rising 5eMA. (What do you think?)

My target was the 138% Fib. Ext. level. It never made it there, and I exited the traded when the 18th and 19th bar scared me a little.

For the record, my initial Protective Stop was set at the low of the 5th bar, when I first entered the trade. I later re-adjusted it to the low of the 11th bar.