tradersams blog

aqa 22-10-09

AQA: Opened a position in Aquila Resources today at $8.25.

As usual I’m not that fussed about the shares I enter – its what I do when I’m in there that makes me money.  So in this case you can see I just drew a new trendline to use as an indicator.  I’ll of course use this with my usual ATR based stop loss.

My last trade in AQA rewarded me financially as you can see here.  The exit last time was due to falling through my stop loss – in a trade I was quite happy with because of the nicely planned execution.  I trust I will be able to execute as elegantly again.

As for changing my trendline – I don’t get too fussed about trendlines.  I have read a lot about ‘how to draw a trendline’ by many authors, and some are sticklers for detail.  Me, I like to draw one, and stick with it for that trade, occasionally changing it if its a longer term trade and the chart warrants it – just never drop the stop loss that it may be indicating!

ATAA

On another note, I’m off to my first real trading conference tomorrow at the ataa event in Melbourne.  Hopefully I will learn stuff, and keep the right filters in so I learn to learn what I need, without getting carried away by talk of ‘whats hot’.

Signing off – after my first trade in a while.  Not because I’ve been holding off, but my stops haven’t been firing, and the cash reserves are at the limits I am comfortable with for now.