tradersams blog

Oakton pyramid entry

OKN:  Pyramided into my Oakton position by increasing my holding with a purchase at $3.78.

It looks like my earlier entry tookthe bounce cleanly which is already encouraging.  This has hiked my stop loss as can be seen in the diagram, which lead to me increasing my holding.  Three white candles is generally fairly bullish, and the market over the last few days has been strong.  Now to sit back – and follow the plan!

all open

ALL:  Today I took out another position in Aristocrat Leisure at $4.60.

The last position here lost me 6%.  Nup – I don’t reckon I’m chasing the share to get even for my loss – but you never know exactly what the subconcious is thinking!

The entry is clearly again based on the break of a downtrend, which happened yesterday with the formation of the big white candle.  My plan was to get in on a rising share today, but it appears that the latter days trade was not in my favour – there is a dark cloud across the price chart.  This is not normally a strong signal as the main candle body is well above the close from yesterday.  Un inspiring volume though…  hmmm listening to my words here I don’t feel strong about this entry – but never the less – in now, so stick with the plan.