Wednesday, 29 October 2008

Trades 29/Oct/2008

Initial Watchlist:
ABX,ACI,AEM,AET,AG,AOC,APC,BHP,BP,BTU,CNQ,CNX,D,
FCX,GG,GRMN,NXY,OXY,SEE,SI,STO,TSRA,VNO

VNO (gap down)

After gap down we have sideways price action, but still weak compared to the market index. We break the OR on 4th candle and trend down with the ema. The 6th and 7th are NR7 pullbacks to the ema. This was our trigger to go short in conjunction with market downturn.

Entry: 61.10 Stop: 61.60
Fib Ext: 62.27 (already passed)
1R=60.60 2R=60.10 3R=59.60

Took partial at 1R and left rest. Turned into a short term scalp trade as it came back on second partial to stop us out. Overall a small gainer.

SEE (gap down)

First candle is bullish as we recover from the gap down. We then have sideways price action which tries to regain the previous days range but fails. We start trending down with the ema and are weaker than the general market. Entry is timed with market downturn on NR7 bar.

Entry: 16.27 Stop: 16.85
Fib Ext: 12.66
1R=15.69 2R=15.11 3R=14.53

We fall nicely with the ema and take partial at 1R, moving stop to breakeven. I closed the rest near the whole number at $15 (around 2R) which was also the OR low and so probable support.

I did like BTU for a long, but it didn't set up right. Also, CNQ was a good long, but the closeness of the Fib Ext put me off. So just the two trades today.

1 comment:

Anonymous said...

hit FCX today... sold some ABX from a few days ago. almost added it back, but passed.

QQQBall