Trading for the Masses

ENER is a great example of a gap up trade with fib extensions, that gave a good buy set up in the first three 5 minute bars today. This should have been bought near 37 and taken as a trade all day with stops below 12/8 lows. This would give you good safe entry, exits on the profit could have been taken partially @ the 100% extension (38.5) and let the rest ride into the days close.

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I still think Michigan is the number 2 team in the country and will be playing for the right to brag that they are such with the Rose Bowl on January 1, 2007. It will be fun in Pasadena as always and here’s looking to 07 UM team and another shot at the elusive titile with the current UM rushing champion, Jamie Morris.

Another Fib Extension played out today on AXR. This thin floated number, only 1.7mm in float gave a nice gap up on volume and if you bought in first 3 bars of the open on 5 minute chart, when it broke Friday’s open highs it was off to the projection numbers. Look how this one hit those numbers almost exactly. Wow, nice trader here today.