Nice Setup Relative to 5-Day MA - SRS

SRS (inverse real estate ETF) setup nicely today relative to its MAs. It opened with a WR first 15min bar which is an early indication of increased volatility. The second 15min bar closed above the 5-day SMA (orange/peach colored MA). The third 15min bar was strong and took out the 30min ORH. The next four 15min bars were a pullback that culminated with a hammer-like bar off of the previously broken 5-day SMA. The high of that bar also lined up with the 30min ORH. The entry was a rebreak of the ORH. After some resistance at the morning high, it broke out and easily hit the 62% extension of the 30min OR.

The location of the hammer-like bar (7th 15min) was in an ideal location relative to the 5-day SMA and the 15min 20EMA.