Wednesday, June 24, 2009

Trade 15,16 result, Trade 17,18 setup

Got stopped out of both FMG and MQG at 3.74 and 36.09, with $8.32 and $31.49 profit on each trade.

Lesson out of MQG is that I set a stop loss to tight on a day where I expected at least a marginal bounce.

I shorted WPL on a bounce based on my macro view of falling oil prices @40.79 and oil is making a short term bounce - I should've been more patient on the entry with WPL, but I'm still comfortable with a stop loss of 42.05 which is about 50c away and is likely to be taken out tommorrow if the oil price keeps rising overnight. If it stays below this level we could see a fall to the 36.86 price target.

I shorted ASX200 at 3806 with the obvious trend of falling prices, there's a very good chance tommorrow will continue to fall, as today was a much expected inside trading day. I'm aiming for a target of 3690.

I'm happy to be making bets on my opinions at the moment, and I'm just happy to continue to break even on trades until I really learn to catch some big points off the market.