Tuesday, November 11, 2008

11/11/08 - LONG TRADE - GS: GOLDMAN SACHS GROUP INC


At 350, GS made its third test of the 50 fib retracement from Yesterday's High to the Opening Range Pivot Low. Typically a stock will break resistance on the third test. GS then consolidated under the fib line for two bars holding the 5ema. I went long on the 353 bar (concurrent with a siginificant uptick in volume). My target was the top of the fib retracement zone (62% retracement line). The target was hit 4 bars later.

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