Well, CWliew's point is: "now is the time to be nervous, not...

Well, CWliew's point is: "now is the time to be nervous, not complacent", my point is: "don't sell yourselves short when it comes to cashing in". These aren't mutually exclusive. Cwliew and I have both picked the old high as the critical price point. You can throw the rest of the technical indicators in the bin when a stock hits a new high.

In BHP's case in particular, technical instruments and even candle analysis can be pretty unrewarding because it trades significantly (ie a lot of volume) on three seperate exchanges. Essentially it is trading 24 hours a day. I use closing prices on BHP, not the candle. One of the safe places to buy, given this, is when it strikes a new high, allowing Darvis box (look it up on the net) trading. It was safe to buy when it hith that new high and drifted back to $47.70, with the close above this level after spending much of the day below this level (remember the closing auction, price went up 30c or so) confirming that the $47.70 level is now strong support.

When/if it drifts back to $47.70 level I would be a buyer. If it closes below I sell and wait. I will take half profits on the target level which is derived by adding the previous Darvis box to the newly developing one.

Until then I hold resolutely.