FMG - Fortescue Ltd

[DrBourse]

Note the CCI "Significantly Higher High" on the 11/11/21 (page 108) - that may come into play over the next few weeks - I certainly hope so.

 

[DrBourse]

Now that the "$500 Traders" have dropped out of the contest (the SP dropped 0.02c over the past few minutes), the FMG Rise should continue.

 

[DrBourse]

Gawd ! this is time consuming, have not done a "Running Commentary on a Trade", in a very looong time.

The main thing I am looking for now is "When to Exit" - most punters will have their own ideas on the Kenny Rogers line of "Know when to
Hold Em and know when to Fold Em".
So perhaps anyone following this saga should do just that.
The SP now is $17.585.

 

[sptrawler]

Now that the "$500 Traders" have dropped out of the contest (the SP dropped 0.02c over the past few minutes), the FMG Rise should continue.

This day trading sounds like hard work and bloody time consuming, how would I ever get my jobs done. ?
I sold AWC on 18/10 at $2.29, bought FMG on 21/10 at $14.57, bought PDN 9/11 at 0.83c, topped up VML 12/11at .055c and I found that hard work.
The dates are settlement dates by the way, not the purchase date, that is a few days before.
Do day traders take toilet breaks?

 

[DrBourse]

NEVER !

You need to master the art of "Crossing Everything", legs first, then cross your fingers and hope for the best, then when you realise that PAIN has given you "Crossed Eyes" you know then that you are in the wrong profession.

 

[DrBourse]

I did not really want to complicate this Day Trading Profession, because I know it interfeeres with sptrawlers Bodily Functions, so I did not mention that, as I suggested, I sold @ 17.585, took my profits, waited a while then bought back in @ $17.25213.

 

[Ann]

This day trading sounds like hard work and bloody time consuming, how would I ever get my jobs done.

So true sp, I like my profits to come at a leisurely pace, too old for all the inning and outing. Leave it for the youngsters, but it seems very exciting for those with the energy!

@DrBourse I am guessing you use an intraday chart to day trade, what is your time setting. I like 10 mins. Also, do you use any indicators during the day and what are their setting, could you give us a screenshot, it would be very interesting?

 

[DrBourse]

Hi Ann,

As I've mentioned in a few recent posts (probably in the DrB Beginners Forum), Indicators work on any chart using any terms you wish to use.
As you can see from the below snapshot, sometimes I use a 1 day 5min chart with my normal CCI 10, MFI 30 & LR settings.
All the same principles apply.

Whereas my normal Daily Chart Template is set with the sam Inds but on a YTD Chart as shown in some of my previous posts.

 

[Ann]

As I've mentioned in a few recent posts (probably in the DrB Beginners Forum), Indicators work on any chart using any terms you wish to use.

Thanks DrBourse, sorry, I just noticed your posts today. I now see my chart package will not display indicators intraday, probably because I am too cheap to spend the money on anything other than a 12-midnight delay package!

While I am here I will shove up a delayed chart over a two-year time frame. I am wondering if I am seeing a flat head and shoulders pattern forming. Plus there is a falling Twiggs money flow. If I was looking to enter this, I might be tempted to wait a bit. However, I am only speaking as a lazy longer-term holder when I say this.

 

[DrBourse]

Thanks DrBourse, sorry, I just noticed your posts today. I now see my chart package will not display indicators intraday, probably because I am too cheap to spend the money on anything other than a 12-midnight delay package!

While I am here I will shove up a delayed chart over a two-year time frame. I am wondering if I am seeing a flat head and shoulders pattern forming. Plus there is a falling Twiggs money flow. If I was looking to enter this, I might be tempted to wait a bit. However, I am only speaking as a lazy longer-term holder when I say this.

View attachment 133347

Hello Ann,

A lot of chatters in ASF use https://www.tradingview.com/ .
I use it because it is easy to work with, and its FREE, and it has the TA Tools that I need.
Trading View also has different levels of access for a FEE, I notice that some in here use the Paid versions.
Incredible Charts is pretty basic IMO.

If you do want to look at Trading View just make sure you opt for the FREE Version.
And Try using Candlesticks, they give you so much more information about a days trade.

Cheers

 

[Ann]

A lot of chatters in ASF use https://www.tradingview.com/ .
I use it because it is easy to work with, and its FREE, and it has the TA Tools that I need.
Trading View also has different levels of access for a FEE, I notice that some in here use the Paid versions.
Incredible Charts is pretty basic IMO.

If you do want to look at Trading View just make sure you opt for the FREE Version.
And Try using Candlesticks, they give you so much more information about a days trade.

Bless you, DrBourse, I haven't seen Trading View before. I have often thought a second charting system would be handy to have in the back pocket.

Granted, IC charts look a bit clunky but they are a dream to use, they have my favourite mug punter indicator, the Positive Volume Index, as well as Twiggs Money Flow and added to that I have been using them for twenty years and have a lifetime of trading notes and information on them. When I view a chart with a long term timeframe I set it to EOD because I can draw the most precise trendlines on them. On shorter time frames I do have them set on candlesticks unless I want to draw a trendline of course.

 

[Joules MM1]

Bless you, DrBourse, I haven't seen Trading View before. I have often thought a second charting system would be handy to have in the back pocket.

Granted, IC charts look a bit clunky but they are a dream to use, they have my favourite mug punter indicator, the Positive Volume Index, as well as Twiggs Money Flow and added to that I have been using them for twenty years and have a lifetime of trading notes and information on them. When I view a chart with a long term timeframe I set it to EOD because I can draw the most precise trendlines on them. On shorter time frames I do have them set on candlesticks unless I want to draw a trendline of course.

beware the free charting for Aus stocks does not print the SPA on tradingview, it annotates the closing, the free feed stops at 4pm, so if you take the highs and lows into account from a technical levels perspective double check the time the highs n lows print, the asx data feed (fee) is on top of the subscription (which theyre having a large sale on at the mo)

 

[Ann]

beware the free charting for Aus stocks does not print the SPA on tradingview, it annotates the closing, the free feed stops at 4pm, so if you take the highs and lows into account from a technical levels perspective double check the time the highs n lows print, the asx data feed (fee) is on top of the subscription (which theyre having a large sale on at the mo)

Thanks, Joules! I have just had a bit of a play with Trading View. Very handy for emergency use but IC charts are head and shoulders better even if they look somewhat old school, the programme is awesome to use. The freeware is fine as well just does not have the Twiggs indicators in the free version. You can't get my el-cheapo 12 midnight delay subscription anymore, it was phased out some years ago but they let me continue with it, the kind souls!


Let's get this thread back on track. I am wondering why FMG might fall, if it does, may not of course. I am betting it is more likely to be related to the hydrogen story than anything else. Thoughts anyone?

 

[DrBourse]

Hi Joules.
Thnx for that info

 

[Garpal Gumnut]

Thanks, Joules! I have just had a bit of a play with Trading View. Very handy for emergency use but IC charts are head and shoulders better even if they look somewhat old school, the programme is awesome to use. The freeware is fine as well just does not have the Twiggs indicators in the free version. You can't get my el-cheapo 12 midnight delay subscription anymore, it was phased out some years ago but they let me continue with it, the kind souls!


Let's get this thread back on track. I am wondering why FMG might fall, if it does, may not of course. I am betting it is more likely to be related to the hydrogen story than anything else. Thoughts anyone?

I can see FMG retracing but not below recent lows. However this seems to me less likely than a continuing rise or a move sideways.

Iron ore, investors are realising, is not going away in the rush to carbon neutrality. Its use in buildings and infrastructure is vital to the political necks of the leaders of all countries, monsters and otherwise. I believe IO futures are on the rise this week.

Twiggy is a smart cookie and my SMSF last week decided to join the ride with him by buying FMG.

Hydrogen and COP were good advertising for the ole Twiggs. Mining FMG's ore using less diesel and more earth friendly methods will be copied.

I may be wrong. I do not believe I am at this juncture.

gg

 

[sptrawler]

Let's get this thread back on track. I am wondering why FMG might fall, if it does, may not of course. I am betting it is more likely to be related to the hydrogen story than anything else. Thoughts anyone?

I'm a big believer in hydrogen, but I'm also a realist, it is a huge cost, it is a huge timeframe and you know it don't come easy.

So I'm with you, there will be some huge stuff ups along the way, as so many things can affect the installation. Woodside building a blue H2 plant is a safe play, that can be converted to green H2 as it becomes practical.

Twiggy jumping in the deep end is the way he rolls, but it isn't without risk, McGowan is trying to smooth the access to the land required, but Bob Brown and the boys are yet to get involved.
Once they do it is then the real battle starts, native title, baby wrens, waggles and rainbow serpents, sitting on top of sacred caves and rivers which flow underground carrying the earths life blood.

So @Ann I agree with you, MOU are great, actually getting something built, up and running and then proving it profitable is a long way down Twiggies yellow brick road.

 

[DrBourse]

I did not really want to complicate this Day Trading Profession, because I know it interfeeres with sptrawlers Bodily Functions, so I did not mention that, as I suggested, I sold @ 17.585, took my profits, waited a while then bought back in @ $17.25213.

Have attached a snapshot of the chart I was looking at for my Exit ($17.585 & Re-entry @ $17.25213).
Not sure if anyone is really interested - but it's there for all to see.

Now we wait to see WTF is gunna happen tomorra.
I have pocketed $645.33 today, wunda wat tomorra will give me ??

From previously posted FMG Charts I can see that $19.17 is the next Gap Down Minor Res Line that FMG has to negotiate.
The next one above that is @ $20.57, and that is a MAJOR Gap Down Resistance Line.
Tonights ADR will provide the guidance I need, be it GOOD or BAD.

Cheers.
DrB

 

[DrBourse]

Is anyone REALLY interested in me continuing with this FMG saga - I've made some moolah, so I'm happy to stop posting progress reports now, particularly if there in no interest in my ramblings??

However,I will continue with this trade, I'm just not sure I should continue with the Blow by Blow updates.

Just keep "The Duck" away from me, the only vibes it had were -ive, and I'm not interested in -ive.

Cheers.
DrB.

 

[Gunnerguy]

Is anyone REALLY interested in me continuing with this FMG saga - I've made some moolah, so I'm happy to stop posting progress reports now, particularly if there in no interest in my ramblings??

However,I will continue with this trade, I'm just not sure I should continue with the Blow by Blow updates.

Just keep "The Duck" away from me, the only vibes it had were -ive, and I'm not interested in -ive.

Cheers.
DrB.

Please keep going Dr.
I have held FMG for about 3 years and is my largest holding.
I also started trading FMG options in July. I personally find you ‘daily ramblings’ both interesting to me and useful to help me judge my trades and atune my FMG strategy.
Keep going !!
Gunnerguy.

 

[Value Collector]

I'm a big believer in hydrogen, but I'm also a realist, it is a huge cost, it is a huge timeframe and you know it don't come easy.

So I'm with you, there will be some huge stuff ups along the way, as so many things can affect the installation. Woodside building a blue H2 plant is a safe play, that can be converted to green H2 as it becomes practical.

Twiggy jumping in the deep end is the way he rolls, but it isn't without risk, McGowan is trying to smooth the access to the land required, but Bob Brown and the boys are yet to get involved.
Once they do it is then the real battle starts, native title, baby wrens, waggles and rainbow serpents, sitting on top of sacred caves and rivers which flow underground carrying the earths life blood.

So @Ann I agree with you, MOU are great, actually getting something built, up and running and then proving it profitable is a long way down Twiggies yellow brick road.

FMG’s exisiting Iron Ore business is easily worth more than $28 a share, so you are essentially getting what ever hydrogen business grows out of it for free if you buy in under $28.