Archive for July 13th, 2009|Daily archive page
trade idea bhp-3
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bhp next day
Continuing the BHP paper trade.
The previous day was a doji, and the next day (friday) shows a bullish day, however the candle itself shows a day of no real market comittment again – not quite a true doji.
Looking back a couple of days the pattern is similar to a morning star, a common bottoming formation. It isn’t technically a morning star due to the large price range on the day. The price movement does appear to look like a short term bottom however.
Keep open, watch tomorrow.
friday – mcc – weekly summary
End of another week. A good way to end the week though – for music fans Australian radio station JJJ did the ‘Hottest 100 of all time‘ – was great to listen too – and the commentary provided by the DJs as great!
mcc entry, friday
MCC: Macarthur Coal looks to have formed a small scale eve and eve double bottom. I entered this on friday with an entry target set in advance, which may have been a slightly risky entry – however it has closed above the mid point of the pattern, making this a valid double bottom formation. Based on this pattern I have an immediate target of ~$7.50. Over time I have seen resistance between 6.70-7.90. Lets see how this plays out.
Weekly scan for System A – No results.
On another note – what is the impact of negative interest rates? I found an article at the ‘Cumberland Advisors‘ website interesting regarding the Swedish central bank (the Equivalent of the Reserve Bank of Australia) moving to negative interest rates – read more here.
tradersams blog 