Wednesday, November 18, 2009

Trade 198 - WPL


Short 100 WPL @ 49.93

Strategem
1/ ASX200 was downtrending
2/ Oil looks to be at the top of trading range (expect to fall)
3/ Daily WPL looks to be at resistence and fib level
4/ price stalling at 50DMA on daily

Tactical Entry
1/ break below on 5 minute consolidation range
2/ below 50DMA on 5 minute

Risk Management
1/ Stop at 50.32, top of consolidation range 5 minute
2/ Exit at least 48.50 - next structural pivot
3/ 39/143 - risk/reward