Thursday, 20 March 2008

Trades 20/Mar/2008


Not much to write about today. Work commitments meant I couldn't follow the markets much and even when I did have some time, not much was tradeable due to lots of choppy action.
Only one trade was entered today.

AAUK (gap down)

A brief dip below the OR on 2nd candle is followed by some strong action upwards before we hit the ema resistance. The 8th bar is a hanging man doji which bounces down from ema. The 9th is a red weak candle which closes below the OR and also closes weak itself. This is our trigger.

Entry: 26.86 Stop: 27.10
Fib Ext : 25.34
1R=26.62 2R=26.38 3R=26.14

Some promising price action after our entry takes us down to the1R. But there is no follow thru and the stock drifts back up so we are stopped out at breakeven.

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