hi sharetrader - yup, yesterday morning was not so good..... woke up with the worst hay fever ever, nose streaming and my head befuddled ...... the iron ore price had jumped $US3.00 overnight to 95.00........ I closed out my shorts on FMG & MGX on open in the upper half of price levels for the day, to see the prices retreat during the day........ the small to medium loss on these could have been reduced substantially with a bit of patience ........ this has happened to me before with this stock with a sharp change of price in IO prices, so I had some price behavior to follow but either too befuddled or just a panic response - or that's my excuse anyway.....
I still have one short on FMG remaining, its very slightly down ????? the down trend with the iron ore price and FMG seems to have abated, plus there is talk of further financial stimulous in china - might close out..
MCR - long ??? I have to query the direction of your trade here sharetrader, the stock is still in downward trend .......do you have a charting program ?? it helps a lot to be able to able to draw the trend lines or trend bands on....
so my comments are really the same as previous when you went long.... I see that you have bought low so my view is that its its possible you will make a small very short term gain - but longer term ????
mower a guy who posted here regularly had a saying - "trade what you see, not what you think" ..... its a good one I think.......
I hope you don't mind me commenting on your trade........ I personally am happy for others to comment on what I am doing - it all helps I think ..
