It cost $40 to fill up my little hatchback!
Day 17 - Thursday
Total Account Value: $5910
Available Equity: $3025
Positions Opened: 6
Positions Closed: 2
I have now settled into my trading routine and potentially silly trades that would have been opened last week are now being ignored. Lend Lease Corp (LLC) is one stock that comes to mind. I had chosen this on Day 1 as one of ten on my watchlist, subsequently entering two high-risk trades on only moderate signals. Recently it has been hovering around resistance/support, constantly changing its mind and while showing potential for pure daytrading, to me its rather useless. Unlike before I will not trade this stock until it starts being more decisive.
One that has been decisive is MBL, which appears to have broken away after a teacup formation. With an $82 gain today it hasn't been too amazing but steadiness is fine with me. Those that rise the quickest often fall the hardest. I witnessed this today with ASX, which vindicated my decision to take profits yesterday as it plummeted to just near Wednesday's opening price. I would have kissed goodbye all my profits. Behaviour like this reiterates how valuable volume indicators are. Together with price action, it is the most pure form of technical analysis. It just sucks that my main trading/charting platform doesn't record it!
BHP has chosen today to stagnate after impressive gains over the past few months, and while my stop loss order wasn't filled it dragged down my daily result. ORG was stopped out and I opened shorts in CPU, QBE and CML as many signs pointed toward a loss of trader sentiment. QBE in particular gapped open yesterday with a spike in volume but did little else. This reeks of an exhaustion gap, which will quickly be filled. Today it took the first steps.
I also tried something a little different and went long on the Oil commodity price at $71.99. Sadly for the consumer I think this going to test US$100 per barrel sooner rather than later and there is no shortage of analysts who support this view. It corrected slightly in the last few days giving me an entry opportunity. If prices at the pump are going to surge I might as well extract some benefit out of it!
Today was one of those days where my balance actually fell midway through the day and rallied into the close while the All Ordinaries bobbed up and down. This fills me with great promise for tomorrow.
Total Account Value: $5910
Available Equity: $3025
Positions Opened: 6
Positions Closed: 2
I have now settled into my trading routine and potentially silly trades that would have been opened last week are now being ignored. Lend Lease Corp (LLC) is one stock that comes to mind. I had chosen this on Day 1 as one of ten on my watchlist, subsequently entering two high-risk trades on only moderate signals. Recently it has been hovering around resistance/support, constantly changing its mind and while showing potential for pure daytrading, to me its rather useless. Unlike before I will not trade this stock until it starts being more decisive.
One that has been decisive is MBL, which appears to have broken away after a teacup formation. With an $82 gain today it hasn't been too amazing but steadiness is fine with me. Those that rise the quickest often fall the hardest. I witnessed this today with ASX, which vindicated my decision to take profits yesterday as it plummeted to just near Wednesday's opening price. I would have kissed goodbye all my profits. Behaviour like this reiterates how valuable volume indicators are. Together with price action, it is the most pure form of technical analysis. It just sucks that my main trading/charting platform doesn't record it!
BHP has chosen today to stagnate after impressive gains over the past few months, and while my stop loss order wasn't filled it dragged down my daily result. ORG was stopped out and I opened shorts in CPU, QBE and CML as many signs pointed toward a loss of trader sentiment. QBE in particular gapped open yesterday with a spike in volume but did little else. This reeks of an exhaustion gap, which will quickly be filled. Today it took the first steps.
I also tried something a little different and went long on the Oil commodity price at $71.99. Sadly for the consumer I think this going to test US$100 per barrel sooner rather than later and there is no shortage of analysts who support this view. It corrected slightly in the last few days giving me an entry opportunity. If prices at the pump are going to surge I might as well extract some benefit out of it!
Today was one of those days where my balance actually fell midway through the day and rallied into the close while the All Ordinaries bobbed up and down. This fills me with great promise for tomorrow.
posted by Trader Andy at 5:31 am
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