Monday, June 22, 2009

Trade 14: Day Trade ASX

Range bound conditions with diverging TICK against an uptrending ASX200 made for the perfect range trade: I shorted the 3928 resistence level, with MACD turning down and TICK downtrending.

I could've exited earlier - as I can see that the gap close point would've been ideal - I didn't make the same mistake in after hours trading; snapping out of the position at 3901.5.

Profit: $132.50

I'm currently considering the anglo merger play and it's implications to RIO/BHP on a macro level.

Another interesting pair trade will be long QAN/short Oil (OSH/WPL).