Tuesday, August 18, 2009

Trade 57: BHP short

Trade 57: shorted 100 BHP at 37.35
-ASX index had been rising all morning (going against my initial downtrend plan) and it now looked like a gap fill/fade play, however, I didn't want to load up any more asx200 contracts (too much risk) so I decided that the greatest underperformers in the next few sessions will be resources based on china's downswing, oil cooling off, USD rising.
- price touching the 100DMA and a key resistence level
- ASX at a key resistence level for the day (sitting at r2 pivot level)
- Stop price 37.50, exit tommorrow unless market tanks more than 1%.

I tried to exit the position today (to minimise holding risk) but didn't get my order at the price that I needed.