Monday, September 14, 2009

Trade 83, 84, 85 - short CBA and MQG

I shorted CBA and MQG today, on really bad consumer credit borrowing reports seemingly spooking the financials - providing a nice downtrend on the financial stocks.

Basically the trade was a momentum trade that was based on falling ASX index (MQG relative trade) and I had stops at the 20DMA and resistance lines.

Trade 82: MQG (100 * (49.33 - 48.79)) = 45.15
Trade 83: CBA (100 * (47.08 - 46.69)) = 30.56

I still have Trade 83 Open, to take advantage of the daily bearish candles.