Tonto Trade – MBI

In the 15 min chart, MBI printed a nice OR bar but the second bar had a long low shadow, so I put MBI in the back burner. Just before noon, the market turned 180 degrees, so I started to look for opportunities on the short side. In the 5min chart MBI had formed a nice Base and it seemed to be ready to break down. The 11:55 bar was NR and had the lowest volume of the morning. I entered on the break of the base. MBI fell straight down on increased volume. My first target was the S2 line, and my second target was the 38% fib extension drawn from the previous day high to the OR low.