tradersams blog

The damage to the portfolio continues.  On friday I had an entry found on a current position, and had another warrant position go pop!  Commentary below.

AGO:  I opened a short position in Atlas Iron on friday at $2.14 using a short CFD position.  The trade came from System B.  I’ve held off short trades for a bit, based on a couple of factors.

In Australia at the moment it can be tricky to put on short trades.  The options for short trades come down to option positions, warrants, and shares that are shortable via a CFD – the usual short market seems to still be fenced from retail traders.

When my system comes up with a short trade, I then need to try to locate a mechanism to take the trade, and that is combined with my past history of some unsuccessful short trades.  That said, when I did do short trades in the past, they weren’t based on a system.  Let’s see how this one goes.

SXY:  I opened a further position in Senex Enegy on friday at $0.75 on System B.  This is actually pyramiding into a losing position, and generally not a good idea.

The entry was based on a decline of 61.8% from the recent high in SXY, so a bounce at this point is a reasonable expectation – it looks like it has taken quite a hit in the current market, so this is taken with the view that SXY has over-corrected.  Will watch for a bit and see how this plays out.

WHCKOB:  During the week I was stopped out of the Whitehaven Coal position, as this trade was done with a warrant that had an inbuilt stop loss.

Lets watch those stop losses this week.

update 5/6/12 – corrected my AGO entry price.  Unfortunately the correct value is a smaller gain 😦