Tonto Trade - TBSI

TBSI is a continuation play from my watch list. TBSI gapped down on high volume breaking down from the uptrend line that started on April 14th on the daily chart. The first bar took S1 and $50.00. And the 3rd and 4th bar printed nice NRIBs. I also liked the proximity of the down sloping 5EMA. The 4th bar was my trigger bar. I took at partial at the 38% Fib Extension drawn from the previous day high to the ORL. I exited at the 61% Fib Extension because I had to be away from my computer for a few hours. If I had stayed trading, I would have placed my stop at the high of the 12:30 bar and would have been stopped at the next bar.