tradersams blog

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.