Archive for July 16th, 2009|Daily archive page

today – cey – chc

Posted July 16, 2009
Filed under: discretionary, rant | Tags: , ,
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Another big day for the ASX all ordinaries.

cey - todays entry

cey - todays entry

CEY:  Trigger on ASX fired on opening and placed me straight into the market.  This was on my list based on the consistently strong volume over the last few months, combined with the size of the gap to the next resistance level.

CHC: good white candle today, so I’m in this one again.  Better luck this time maybe?  Well – just follow the plan.

General comment for the evening:  I am interested in twitter, I use it – I post my trades via tweets so that I can justify to myself that I am sticking to my plan and to others that I’m not making this up.  I am interested in some of the add on services to twitter (stocktwits anyone?) , but am concerned at the concept at sharing my passwords with anyone – now go read this article about the hacking of twitter.  Having been a computer security consultant for a significant part of my career this concerns me.  Anyway, what can you do?  C’mon twitter, use some better practices.  Individual users making errors is one thing – but companies?

Off for a sleep,

today – aru – strong day

Posted July 16, 2009
Filed under: discretionary | Tags:
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aru entry

aru entry

ARU: I opened a position in Arafura today as tweeted earlier.   From the diagram you can see I entered based on a bounce on the upwards trendline at the Green arrow.   I picked the entry during last nights chart viewing, and its a share I traded recently after finding on my brokers live heat map.  The volume has been high – especially around the time of the last trade.

Reasons for entry:

  • bounce on trendline
  • appeared to start recovery a day or so earlier than other comparable shares
  • active sector
  • high increase today

Reasons counting against entry:

  • I have entered just shy of an earlier area of resistance, so may have limited potential
  • Not very high volume today
  • I’m unconvinced about market direction (however today was a good day!)

Lets see how this one plays out.

Onto other matters.  Generally when trading, I have come to accept that I am not that good at correctly reading the interpretation of macro changes in supply and demand – I figure those much smarter than me do that, and many others really just have an opinion 😉  If its a fact, its not debatable – anything else is an opinion!  Taking that into consideration I came away feeling educated after reading this article from MyStockVoice on the building of a massive oil pipeline across Europe.

Turkey and four EU member states have signed a historic deal in Ankara allowing work to start on the Nabucco natural gas pipeline, which is aimed at allowing the European Union to tap directly into non-European gas reserves.

Its when I read things like this that I become aware of my limitations regarding picturing the long term outcomes of such activity – yup I realise some observations are clear, but, again – just my opinion.

So why mention this?  Really, thats why I revert to technical analysis of shares and other financial vehicles, because it simplifies my thinking process so I can make decisions, and move on those decisions.

Till next time…