First, the entry was at 11:56 not 11:58, that was my post mistake, but the time stamp on the top of my post should tell you that:
06-09-09 04:57 PM
6/9/09:
11:58 600 GS BUY 148.48
STOP 148.18
TGT 149.08
Second, I was playing the strength of the Bank sector in general, and GS was the only one I could find setting up "cleanly". Look at FAS, JPM, BBT etc. compared to the SPY or DIA at the same time...banks were the strongest. Plus I liked the daily chart of GS for a long.
I bought GS on a very weak Higher low on the 5 min chart (just like you posted on your chart)..I placed my stop just under the 11:50 bar low (148.23) and I gave it an extra .05 of wiggle room (and to make it a .30 stop) so I put my stop at 148.18.
With a 30 cent stop, I checked to see if a 60 cent target was attainable.....the top of the last major pivot at 11:35 was 149.19, so a target of 149.08 looked good. That's all I needed to take the trade.
So, it was the daily chart strength...the sector strength at the time compared to the indexes and the higher low that it put in that made me buy here.
Hope that helps-G