Thursday, March 4, 2010

Yesterday's Trades


Trade 237 - 5 asx 200 short @ 4734

short 5 asx200 @ 4734

- daily hitting 50ma
- overall market @ the R1 pivot - expecting a move back to pivot

- 15 minute forming dojis
- TICK turned negative

- tight stop loss @ 4741
- target 4720

Result
The 1 minute tape was stalling along with the tick - the market seemed to hold up well so I closed the trade at a $20 loss.

Trade 238 : Long 100 UGL @ 14.625




I've started using the buy grade system - where I use the (day's high - buy price)/ ( day's range ) to make sure I'm being patient in my entry into the position.

weekly on the ugl looks to forming a cup + handle, the hourly chart is uptrending nicely, and the 15 minute looks to have broken out of it's latest resistence sitting around it's 50MA.

Stops just below 14.20.

Trade 239: 15 long WMH 198.05




I learnt the interesting lesson of buying into the stock without realising the quoted price of 198.05 was in pence not POUNDS. I had made the perfect entry, but obviously I'm not holding anywhere near enough position to be making a difference on my bankroll. I do believe the WMH is going to make up nice price run-up before the world cup and I'll be trying to pick up positions on any price below 200.
The UK econ data is coming around and the charts are looking good.