Tonto Trade - MRK

MKR was on Jamie’s pre-market post. MRK gapped up just above the 20EMA on the daily chart. The first three bars in the 15min chart have long upper wicks, and so I was not immediately attracted to the action. However, the following bars tested R1, left long lower legs and closed above R1, the up slopping 5EMA and the 20EMA (on the daily chart). More importantly, I really liked how orderly was the pullback in the 5min chart.
My entry is marked on the 15 min chart. My first target was the 37% fib extension drawn from the previous day low to the ORH, but it reversed before reaching that point. My exit is also marked on the 15min chart.