tradersams blog

aoe close

AOE:  Closed my position in Arrow Energy today at $4.42 for a 2.7% loss.

In this case I have not waited for my stop loss because of ‘bad feelings’ which are based on what I am seeing on the daily price graph.  Marked in the picture you can see the all time high marked.  On breaching this barrier I would expect the price to stall before moving on – which it has.  Looking however at the rising wedge, the top barrier is a line that was an upwards trending support line – however recently this line seems to have become a resistance line, which may hinder upward movement.

At the top of the wedge, the price seems to have come out to the downside, so for now I’m reigning this one in.

That said – it may move on, and I’ll keep an eye in case I choose to re-enter.

okn open

OKN:  Pyramided into my Oakton position today at $2.94.  Oakton has risen nicely in the few short days since I took an initial position.  I am however sitting just below resistance so will need to see if we can push through that.

Looking over my last Oakton trade, its the same level of resistance that shook me out just a couple of weeks ago.

Anyway, off to watch the gold price that pushed through the $1000 barrier earlier today and is now trying to get itself pushed back beneath it!