Thursday, August 30, 2012

Taking some Losses

I closed my long position in trade 1375 as I was positioning for a rally that did eventuate. I entered at 4.08 at the blue arrow, and pre-determined exit price was 4.44 that occured less than 2 weeks later, however, I failed to take my profits here.

So compounding my mistake of not taking profits, I didn't take my losses at my predetermined R at 3.97 and ended up taking the loss yesterday at 3.78 the pink arrow.

Iron ore prices meanwhile continue it's trend lower and the Aussie miners are struggling hard to gain a bid the last few sessions.

We may see a strong recovery if Ben pulls the trigger tonight.