Tuesday, September 1, 2009

Trade 71 - First Long ASX position



Entry 3 asx long @ 4497 - first long to date; probably could've timed my entry 5 points lower.

1/ economic data - residential building approvals 7.7%
2/ china up - positive (after being down early)
3/ sectors mostly positive
4/ tick rising
5/ stop @ 4480, target @ 4525
6/ 2 intersecting trendliness, break above 20,50MA, fibonacci level, rising MCD, bullish candles - pretty much a perfect technical setup
7/ Although all the places for a short term long are there, i feel bearish medium term and feel short term conditions are range bound (hard to hit exit price), so not a confident trade overall - however, this attitude could be due to my short biases.



exited at 4519.9 for a 23 point profit = $68.7 - trying to maximise my returns but at the same time trying to exit my position before market close.

I had a chance to load up 3 more contracts, but obviously didn't pull the trigger like a man with 10 inch balls would - need to grow them overnight.

I realised it's critical to move your stop losses as you make money, and to adjust exit price if you believe there are factors that warrant you to do so - refer to below link for more information.

http://traderfeed.blogspot.com/2009/08/managing-your-trades.html