Archive for the ‘mml’ Tag
today – close MML, open MRE
mml close
MML: Closed this morning for a 7% profit. Followed my stop loss, exited nicely today on market open order set last night. Planned the trade – traded the plan. I was fortunate for the last price increase yesterday!
mre open
MRE: Opened today at $1.03 at market open. I chose the share based on a recent strong uptrend that was in place, to be replaced by this trading range that has been in place for the last couple of months. Yesterday the price came out the top of the range triggering an entry for me.
Both orders were placed out of market hours.
today – cpb – updates on open positions
Filed under: discretionary | Tags: aru, chc, cpb, mcc, mml, okn, open
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Campbell Brothers opening
CPB: I set a trigger to enter Campbell Brothers over the weekend, on entry into the rectangle you can see in the attached diagram.
Campbell Brothers has been in an uptrend over the medium term, however ranging over the shorter term. The item of interest that peaked my interest in this share was the bounce off the upwards trend line, which I am looking for a continuation of.
So, I have a couple of trades that have been open for a few days, hopefully indicative of some trends setting in – not that I’ll know till I can look back and know. The writeups below are brief updates on a few of my open positions. you can find the entry conditions by looking of the relevant tags on the menu.
ARU: Only opened recently, strong increase on open – definite rejection of a higher high, but no stops hit.
aru
CHC: Charter Hall group, again only recently entered, and signs of stalling as the overhead resistance is approached. Keep a close eye.
chc
MCC: Continued to rise nicely since opening. Today looks like a push into, and maybe through upper resistance. Keep the trailing stop loss, keep watching.
mcc
MML: Medusa Mining also rose nicely. Another one to hit upper resistance, lets see if we press through. Hold position.
mml
OKN: Pyramided in to this trade based on the sudden increase in price, and the share promptly declined soon after. As it stayed above the increasing trend line I stayed in. In some cases I would have exited on the fall through the ATR based stop loss (brown line), however based on the strong uptrend I held in using the trendline as the ultimate stop due to the sudden spike which I missed capitalising on as I was working on end of day prices.
okn
For anyone interested – one more week to get into the ASX sharemarket game. I’m considering myself, but I don’t know if I can afford any more time, given I post this blog, consider my trades and hold down a job!
For tonights reading I trawled through some content from Tradergav – another Aus trader with a blog. I read his discussion on a tweets conversation that he has here which is around the risk / reward metrics. Since doing discretionary trading I have not been tracking my statistics as carefully as I was up to a year ago, as I normally tracked these for my System A (which had no triggers this week – again!) and other mechanical systems I have toyed with. Maybe thats my next project, as I have done enough in the last year to give some sort of finding. I had one -3R trade from memory last year and that hurt. If I go past -2R I pause trading and ‘have a good hard look at myself’ to determine why I ended up there. I must say I haven’t beaten 8R in over a year though, and you do (well I do) like to get one every so often, both for financial reasons, as well as to help with the psychology of this.
Signing off,
today – mml – chc
Market still choppy and a bit ugly at the moment. Driving me out – how long this lasts is anyone’s guess.
Before getting into tonights commentary, I have to comment on this article in the Wall Street Journal. Fancy that – we have price volatility and there is a view that traders should be stopped – I wonder if there will be more talks like I heard a while ago referring to retail traders effectively losing the right to buy, and therefore leaving all the transactions to funds to manage. Hmmmm…. me thinks I could comment on those with vested interests maybe trying to protect their patch. Oh well – maybe this discussion will just go away.
chc 9-7-09
CHC: exited today after falling through stop loss for a 13% loss. Looking at this trade I had a number of opportunities to exit the trade that I did not take – and the unfortunate bit is that I would have been in a better financial position if I had. It was clear the price was falling on the big black candle the week after I opened the trade, after which the price has declined every day. I do note however that the price has not fallen as fast as my other positions that were closed out earlier.
The actual error I made in this trade is however my exit today. The stop loss was actually triggered the day before yesterday, and I failed to exit cleanly… a slow exit….I thought I might be able to get an extra cent so put my sell order in at a level that was never filled – leading to a worse position to exit from today.
The learning -> when the stop is hit, take it – don’t second guess it.
mml 9-7-09
MML: entered a long position in Medusa Mining today. The reasons for entry are:
- looking for the gap a couple of days ago to become support
- share price is at all time highs
- my ATR based exit formula seems to be tracking to the price fairly nicely
- volume has been healthy over the last few months
Note – all my entry and exit prices are sent on twitter as I note that they have taken place. Sometimes I don’t know if a transaction has taken place as I don’t know until I get email confirmation, due to the fact that I can’t observe the intraday prices in general.
Any queries of comments to me, feel free to post…
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