Monday, 10 March 2008

Trades 10/Mar/2008


FRE (gap down)

A bearish first candle thru the previous day's low. Then we have pretty much bearish action for the next several candles as they trend down with the ema. We are looking for some consolidation and/or pullback so that we can use a low risk entry. Candle 6 is a NR3 with longish wick which bounces off the ema. This is our trigger.

Entry: 17.93 Stop: 18.32
Fib Ext: 17.45
1R=17.54 2R=17.15 3R=16.76

Take partial profits at the Fib Ext. Closed rest on 15th candle as it closed above the ema.

KGC (gap down)

After the gap down we have two red candles then a pullback into the OR. Then from 6th candle onwards we trend down with the ema. The 8th falls below the OR. The 9th is a red candle which tests the OR from below and also closes weak. This is our trigger.

Entry: 23.94 Stop:24.20
Fib Ext: 23.28
1R=23.68 2R=23.42 3R=23.16

The price action looked promising after our entry, but then reversed and stopped us out for a loss.

BHP (gap down)

After gap down we trend down nicely, but it is difficult to find an entry point to jump on board. Then eventually the 12th candle is a long wick, NR7 which bounces down from EMA. This is our trigger for a short.

Entry: 67.19 Stop: 67.58
Fib Ext: 66.60
1R=66.80 2R=66.41 3R=66.02

We take partial profits at the Fib Ext and leave the rest to run with stop at breakeven. It meanders down slowly and we close at the end of day.

Overall, not much going on with my watchlist. But a couple of trades with small gains is ok.

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