Monday will always be there...
Day 19 - Monday
Total Account Value: $5136
Available Equity: $2734
Positions Opened: 6
Positions Closed: 5
...to ruin your weekend!
That's right. You wake up feeling refreshed and happy after a good night's sleep and then BANG! $800 down the toilet in just 10 minutes. It was difficult to fathom the extent of devastation as so much was happening at once. But it didn't take long to realise that short positions in CPU, PDN and CML had dropped off the radar. Luckily my frugal money management allowed me to escape without overall loss, but it seemed the mediocrity of Friday's trading flowed on to today.
I'm sure many regular sharetraders were delighted this morning. Don't get me wrong I had longs too, but they were flatlining almost as badly as my shorts! So much for diversification! MBL seemed OK at first but ended up uncharacteristically taking a single day dive from $71.95 to $70.38, taking my stop loss along the way. It really didn't perform very well after the teacup pattern so who knows, today's profit taking might just have dried up all the bearish sentiment.
Two other shorts in PMN and RIN were also pushing dangerously close to their stop losses but I held on - it seemed they had run out of buyers. Also I knew that the market would make its move in the first 10 minutes and keep steady thereafter. Here was the familiar problem that I've faced many times so far - stocks gap open or down and that largely completes their daily action. I had my eye on Oxiana (OXR) as it has been steaming in the past month. But it gapped way open and showed strong seller support on the market depth screen. Note to self: BUY A GOOD LOOKING RESOURCES STOCK JUST BEFORE THE CLOSE ON A BAD MARKET DAY.
However I did re-enter BHP after the dust settled. Let's see how this will fare over the next few weeks/months. Zinifex (ZFX) and Arc Energy (ARQ) were two others I took the opporunity to enter. ARQ bounced off resistance yesterday and opened above the 50 day SMA this morning. It appeared worth a shot.
In the end, RIN and PMN came through and are majorly responsible for my $300 recovery throughout the day. That and the US Oil price, which I re-entered again after seeing it finally start to look positive again since hitting an all-time high early last week. On the 2 hour chart you can clearly see the price break over a solid downward resistance line, churn a little bit before bouncing back off the the now-support line. From the time I entered it is up 57c.
Total Account Value: $5136
Available Equity: $2734
Positions Opened: 6
Positions Closed: 5
...to ruin your weekend!
That's right. You wake up feeling refreshed and happy after a good night's sleep and then BANG! $800 down the toilet in just 10 minutes. It was difficult to fathom the extent of devastation as so much was happening at once. But it didn't take long to realise that short positions in CPU, PDN and CML had dropped off the radar. Luckily my frugal money management allowed me to escape without overall loss, but it seemed the mediocrity of Friday's trading flowed on to today.
I'm sure many regular sharetraders were delighted this morning. Don't get me wrong I had longs too, but they were flatlining almost as badly as my shorts! So much for diversification! MBL seemed OK at first but ended up uncharacteristically taking a single day dive from $71.95 to $70.38, taking my stop loss along the way. It really didn't perform very well after the teacup pattern so who knows, today's profit taking might just have dried up all the bearish sentiment.
Two other shorts in PMN and RIN were also pushing dangerously close to their stop losses but I held on - it seemed they had run out of buyers. Also I knew that the market would make its move in the first 10 minutes and keep steady thereafter. Here was the familiar problem that I've faced many times so far - stocks gap open or down and that largely completes their daily action. I had my eye on Oxiana (OXR) as it has been steaming in the past month. But it gapped way open and showed strong seller support on the market depth screen. Note to self: BUY A GOOD LOOKING RESOURCES STOCK JUST BEFORE THE CLOSE ON A BAD MARKET DAY.
However I did re-enter BHP after the dust settled. Let's see how this will fare over the next few weeks/months. Zinifex (ZFX) and Arc Energy (ARQ) were two others I took the opporunity to enter. ARQ bounced off resistance yesterday and opened above the 50 day SMA this morning. It appeared worth a shot.
In the end, RIN and PMN came through and are majorly responsible for my $300 recovery throughout the day. That and the US Oil price, which I re-entered again after seeing it finally start to look positive again since hitting an all-time high early last week. On the 2 hour chart you can clearly see the price break over a solid downward resistance line, churn a little bit before bouncing back off the the now-support line. From the time I entered it is up 57c.
posted by Trader Andy at 1:15 am
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1 Comments:
i know. i know. i hate mondays too! welcome to the club!
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if you were to choose, you would rather be:
a. taxicab
b. anything
c. pinoy
d. a movie
e. a rumor
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