Archive for July 7th, 2009|Daily archive page
trade idea – bhp
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bhp - breakout (failed) ascending broadening wedge?
BHP: trade idea.
The graph to the right is BHP from today. The price action today is a confirmation of the failure of an ascending broadening wedge. From my chart patterns bible I can see that these don’t usually give a large fall, however a fall is expected. I am interested in taking this short trade, but given my view of the all ords at the moment I’ll sit out for a day or two whilst I see what the flavour is on the ASX.
ASX All ordinaries (weekly)
Looking at the ASX:XAO (to the right) the graph is on the cusp of its next ‘decision point’ or move. If the graph were to fall out of the bands I’ve sketched I would look to short soemthing, and at the moment, BHP could fit the bill.
Of course – until I commit a cent, this is all just an idea…
Remember – wait for confirmation of a move, in line with the overall market.
today – cxs
Chemgenex trade
CXS: today closed a position in CXS for a 4% loss. For a share that ha gone up nicley over the last few months, that hurts a bit. I got stopped out at 60c, which is helpful – if it hadn’t fallen so far I planned to exit when the share fell below the upwards trend line.
The original entry was selected for two reasons: firstly an intraday breakout through the resistance line, and secondly because of the very high volume that time – the share came to my attention through a ‘heat’ style market map.
Gotta say – the years not getting off to a very good start!!
Looking through my graphs tonight, I’ve trigged a few stops and given the action on the US markets tonight I guess we may gap down on opening – so I expect to experiance some pain tommorrow.
On another note – the System A scan on the weekend returned nothing.
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