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Friday, April 13, 2007

Example of Dummy Day Trade: MEDI

MEDI gapped up today on high volume, broke the 5 year high (pink line) and consolidated around that level for the next few bars. Entry upon break of 12th bar high on 15 min chart above. Initial stop just below OR high. The 12th bar was a hammer with with support from 5EMA and closed above OR high as well as 5 year high. It formed a nice base and took off after lunch hours. Exit upon gravestone doji, a reversal signal, on 5 min chart below.


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