Tuesday, September 8, 2009

Trade 82: ASX long

3 ASX long @4454

1/ low volume trading - expect upward bias in the market
2/ tick trending up
3/ price moves above MA's
4/ MACD trending up
5/ breakout of pivot levels
6/ target 4465, stop 4449 - 11/6
7/ china up, US closed, expect somewhat upward bias afterhours trading.

Stopped out @ 4449

Points - the market having an upward bias was pretty obvious, but the time frame that I chose (intraday) for the low volatility and low volume conditions probably warranted a more patient or a lower stop loss.