Friday, April 9, 2010

PPR – Setup

 PPR - 2010-04-09 064223 - Three Years - 1w PPR - 2010-04-09 064605 - 1m14d - 1d

What do I see:

  • Prices closing in on All-time High (June, 2007) (see first chart)
  • A Hammer formed right above the 5 EMA on Thursday's Close (see second chart)
  • Wednesday's bar was an Inside NR7
  • Entry is above $6.11
  • Stop is under $6.17
  • Target is 7.84, which is 138% Fib
  • I have extra room on top and bottom because I don't want to be too aggressive with this trade

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