I looked at whole bunch of stocks yesterday looking to trade...

I looked at whole bunch of stocks yesterday looking to trade long and the way it unfolded it just didnt work out the way I wanted to, so I didnt touch them at all. The ones that caught my eye out of the lot was NEA and CWP. I didn't want to be in a long position when the overall market was down at 1.6% (XJO). I suspect there might be some more profit taking in the US markets as the last few days the market in the US has gone been making solid gains.

As it turned out I went to go short on some positions. I was looking at JIN but it didn't unfold how I expected on the pattern and left it. So my last stock that caught my eye was Resmed (RMD). It has really struggled the last few days.


The high for the day today was 23.98 so for me it is critical that this stock behaves and stays under 24.00 which is looking like it will, but we have been wrong before . Having said that I will be very wary on Monday if this moves anywhere north of 24.00 at which point I will close my position.

I got in at 23.80 towards the end of the day and then at then it closed soon after at 23.72. As I think I mentioned previously it is more difficult to pick them on the way down, but when you get it right the market in turn will get brutal on a stock and hammer it. Not saying that is the case with RMD but I am curious to see how it unfolds. I think I have given myself every chance for a succesful trade.

Good luck with your trading and have a good weekend.