Thursday, September 24, 2009

Trade 95,96,97,98 - ASX intraday Trading



Shorted 3 contracts of ASX @4722.5 on the following factors

1/ resistence, the pivot, 50DMA, TICK negative
2/ overnight US down 0.8%, hoping for AUD to finish 0.5% lower
3/ stop loss 4732.5/ target 4670 - 4684 (at least 20 points)

I shorted 3 more contracts as the market stalled in the region

Saw the market drop off and I closed off 3 contracts at 4698.5 for $72 profit keeping the 3 contracts for a continuing downtrend.



The market moved back up, so I closed off the 3 contracts at 4698.5.

Shortly afterwards, I scaled into 5 contracts, 3 @ 4702.5, and another 2@ 4701 - this time trading less, as the move had a potential to revert back into the day's range.

THe market did indeed move back into my stop loss area and I closed off the 5 contracts 3@4708.5 and 2@4710.5 for a total loss of $37.



Total Profit on the day was $112.