My open book trading plan - Two month test

CanOz · 25 July 2007

Heres a quick update on the portfolio. We got stopped out of MRE for a loss of $743.00

Havn't had much time to buy anymore...but thats life.

Cheers,

It's Snake Pliskin · 25 July 2007

CanOz said:
Heres a quick update on the portfolio. We got stopped out of MRE for a loss of $743.00

Havn't had much time to buy anymore...but thats life.

Cheers,

That's a chunky loss Can.

What was the rationale for taking TEN as a long trade? Is that low risk do you think?

Porper · 25 July 2007

nomore4s said:
Can,
Porper, you still in BPT? Looking good, looks to be some resistance at $1.49-$1.50, if it pushes through that it will be looking really good.

nomore,

Not in BPT, I only day traded it, not really what I do but seemed a good idea at the time

I would say there is tremendous resistence at 1.50, not only because of the obvious but also there are plenty of time cycle ratios and price projections around that area.

If it does manage to barge through 1.50, that price area will be a great support for the next leg higher.No trade now though i.m.o.

happytrader · 25 July 2007

Hi Cannaussieuk

I know bank stocks are not particularly inspiring and you are unlikely to ever experience the excitement of watching the share price move 10% either up or down in a day let alone 50% .However, therein lies the useful thing about them. With the use of leverage a 40c move can result in a quick 30% gain depending on which one you trade. Naturally, you would have to study the price action on all time frames to be effective.

Cheers
Happytrader

Porper · 25 July 2007

happytrader said:
Hi Cannaussieuk

I know bank stocks are not particularly inspiring and you are unlikely to ever experience the excitement of watching the share price move 10% either up or down in a day let alone 50% .However, therein lies the useful thing about them. With the use of leverage a 40c move can result in a quick 30% gain depending on which one you trade. Naturally, you would have to study the price action on all time frames to be effective.

Cheers
Happytrader

I think that is a very good point.

Most people think speculative shares will outperform in a bull market, but forget that with tight stops and especially using CFD'S you can take a large position in a company where a smallish % gain equates to a large profit.

I have been going down this path for a while now.

I sleep better knowing I have a large posiyion in a blue chip co. than having a small position in a co. like GDN knowing it could turn nasty before you can get out.

It's Snake Pliskin · 25 July 2007

Porper said:
I think that is a very good point.

Most people think speculative shares will outperform in a bull market, but forget that with tight stops and especially using CFD'S you can take a large position in a company where a smallish % gain equates to a large profit.

I have been going down this path for a while now.

I sleep better knowing I have a large posiyion in a blue chip co. than having a small position in a co. like GDN knowing it could turn nasty before you can get out.

Smart talking guys. I agree solely with the bigger boys and THEIR liquidity.

nizar · 25 July 2007

CanOz said:
Heres a quick update on the portfolio. We got stopped out of MRE for a loss of $743.00

Havn't had much time to buy anymore...but thats life.

Cheers,

Hi Can,

What happened to SEK?

ROC looking like a good entry close to what should be a support level ($3.50) for those that missed the first run (like me )

CanOz · 25 July 2007

nizar said:
Hi Can,

What happened to SEK?

ROC looking like a good entry close to what should be a support level ($3.50) for those that missed the first run (like me )

Quick post before i head out the door...

TEN i picked up after i had it on my watch list for the volume bubble. I liked the price action and the confluence from my friend in Noosa.

SEK was one that i picked up for my personal portfolio.

Agree on the banks too, plus a few more so called 'blue chips', but if your going to trade large postions using CFD's and tight stops for short quick results, then it requires a totally different trading plan. My time frame here is a few weeks to months depending on how well the trailing stop holds once its applied.

I would be very interested in seeing another thread for a descretionary system for these quick scalp style plays. Happy why don't you start one, even if its a paper system for now, adds a totally new dimension to things i reckon. As it is at the moment i've got more time for reading the odd post than posting.

Cheers,

nomore4s · 1 August 2007

Can, how is the portfolio looking after last week?

nomore4s · 1 August 2007

More to our discussion on BPT.

After the last wave up (orange box) we've had the market move down strongly and BPT has followed with a wave down as well, which MW suggested might happen, but on slightly higher vol and wider range days then what we probably wanted to see.
Looks to have found support at around $1.33(last point of support?), but after yesterdays bar todays action was not very convincing. Will now be looking for a spring? And a wave up through resistance at $1.44 & maybe $1.50, but my best guess is that it will stall at resistance at $1.50 with a small wave back down to $1.44ish before a serious assult at the $1.50 barrier but that is purely a guess and a best case scenario.

Alot will depend on the overall market of course. I probably won't take a position because of the current market (waiting for it to play out - have closed most of my positions out) but if I was I would be looking for a bullish day (close at the high with okay vol) to confirm the next wave up and set the stop at $1.24 or for a tight stop $1.28

Will be watching this with interest to see what happens.

nomore4s · 6 August 2007

nomore4s said:
More to our discussion on BPT.

After the last wave up (orange box) we've had the market move down strongly and BPT has followed with a wave down as well, which MW suggested might happen, but on slightly higher vol and wider range days then what we probably wanted to see.
Looks to have found support at around $1.33(last point of support?), but after yesterdays bar todays action was not very convincing. Will now be looking for a spring? And a wave up through resistance at $1.44 & maybe $1.50, but my best guess is that it will stall at resistance at $1.50 with a small wave back down to $1.44ish before a serious assult at the $1.50 barrier but that is purely a guess and a best case scenario.

Alot will depend on the overall market of course. I probably won't take a position because of the current market (waiting for it to play out - have closed most of my positions out) but if I was I would be looking for a bullish day (close at the high with okay vol) to confirm the next wave up and set the stop at $1.24 or for a tight stop $1.28

Will be watching this with interest to see what happens.

Well, BPT has been absolutely smashed in the last few weeks. It seems a few of the oilers have copped a hiding lately (even in the context of the overall market getting smashed), ROC, OSH, AED it's a bit surprising as they were all going strong only a few weeks ago. RSI looks very poor on all of them.

CanOz · 13 August 2007

Sorry for the lack of update folks, been a busy week. We've got stopped out of TEN, but we're still in two trades. We've been standing aside, but now might be a good time to suggest some shorts that we can enter after this market retraces a bit. Any suggestions?

Cheers,

R0n1n · 13 August 2007

Can donno about short ones, but I have been keeping an eye on a few that are currently consolidating. Here is MGW, I have marked the support and resistance lines.

The caution point is its been doing a lower high on the monthly chart so it may not do a big run. The good thing is, the support line is good and has held the SP up two times, so we can use it as a Stop Loss trigger.

CanOz · 13 August 2007

That spike is a bit concerning, looks like it could have been a test for short positions..filled one of the gaps anyway. Its good for the watchlist Ron.

Cheers,

My open book trading plan - Two month test

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