tradersams blog

mcc open

MCC: Pyramided into my position in Maccarthur Coal.  I had an entry set before the market to enter when the resistance line was penetrated.  In this case it looks like resistance held, and this may prove to be a poor entry.  Time will tell.

WSA: Opened a new position in Western Areas – agin bought on finding new highs just to drop back in later trade.  There is an uptrend in place with this share, however it comes off the boil a bit.

wsa open

FXJ: Opened a new position in this share. The longer term graph looks like a solid base has been formed over an extended period, and now the share seems to be climbing out of it. The recent rounded bottom was mirrored in the volume (sketched in green below), with increasing volume as the price pressed through the last most higher high in mid-June.  I expect this to be a better longer term performer.

fairfax open

All in all, not really happy with my entries today – the first two triggered based on a very strong market opening today, but now the trades are in – trade the plan!!