20070416 - MCO - 15mins - Gain*Paper

Symbol: MCO
Type: Long
Entry: The beginning of the 10th bar
Exit: The bottom of the 26th bar
Result: Gained +0.78%

The 9th bar closed cleared the Opening Range, and I entered at the beginning of the 10th bar. My target was at the $66.00 mark because of a Resistance level that I identified from the daily chart. (See 2nd chart above.) My Protective Stop was set at the bottom of the 7th bar.

Not long after my entry, (MCO) reached the 119% Fib. Ext. level, and then setting up a narrow range base formation for the most of the afternoon. It later crossed the 119% mark again at around 3:15pm, but it never gained the momentum to reach my target. I exited on the 26th bar to ensure some gains from this trade.