tradersams blog

shv close

SHV:  Closed my position in Select Harvests today at $4.10, for a loss of 3.53%.  Due to the double entry on the day the share took off, I had an average entry price of $4.22.

This trade got off to a belting start, and took off just nicely.  Unfortunately it formed a rather obvious double top, which has been completely formed with todays close, so got out.

A better exit may have been to call the double top when it as clear, which was roughly mid last week, however I held in there for the stop loss to be hit.

Reviewing the graph I suspect there is still a trade to be had here, but I’ll go back to observing, and make another entry if the condition arises.

Still – happy with the entry, and I am on the fence as to whether I should have taken the earlier exit, as I would have at least exited with a small profit.  Not to worry – I stuck to the plan, so thats good enough for me.

Aristocrat close

ALL:  Closed my position in Aristocrat leisure today at $4.75 for a 6% loss.  Like the one above, I am a bit disappointed in this one – I thought the chart had it all (see the entry write up here) but it was not to be.

The stop was triggered in fridays trade, with the exit taken mid morning today, missing the open as I just hate market orders.  Gapping down on a Monday opening is not good for an exit.

Note the high volume today, and the bearish doji today.  This does look like a typical reversal signal, and funnily enough (even though I have never mentioned fibonacci here before) the doji close is pretty much on the 0.618 retracement.

In this case I actually think that this share is at a bounce point and may well recover from here… so I may well enter again shortly.

The month so far…

Remember analysis is neither right nor wrong at the time of entry – only well reasoned.  The market tells you when you close the trade whether you were right or wrong. That’s because, well, the market is NEVER wrong.

This means I have a month of only losing trades at the moment, with another 3 sitting within in bee sting of their stop loss points – but some that are open are hanging in there nicely.