daytrade diaries... february 5, page-10

thanks HLL, love your "with support levels splintering like matchwood" quote, pretty much sums up market sentiment at the moment.

a couple of weeks ago the "Trading In a Downturn Thread" was started which has plenty of great advice on adjusting trading stratergy to meet current market conditions.

important not to panic this morning, we all now its going to be ugly, but quite often the worst trading decisions are made in the first ten minutes of a day like today.

having prepared for a downturn on the back of an obvious change in market sentiment, I am barely exposed to the market as of this morning with small holdings in GBP and BML and given my views on the broader market will not be adding any positions until things settle down, when this correction started I was of the belief we would see around a 10-15% correction as of this morning we would have had 10% so there might be still a bit left to the downside.

for those looking on jumping on the BML bandwagon, keep and eye on the 13c level which was the VWAP yesterday it might provide a decent entry point, but be careful here, it looks like a good medium term story but as volume dry's up could drift lower till next drill results.

and finally a celebration is called for, with my beloved Roosters finally getting rid of that disgrace Willie Mason.