Kicking myself for not being more aggressive with my short trade bids last Thursday and Friday. Two more of my short trade bids from last Friday were filled today, with the new additions being IAG and MQG. From the 8 short trade bids I made last Friday, 5 have been filled, but I have not been filled on BSL, CBA, and WPL. I now have 7 short trades open, with 6 out of 7 green.
ANZ, 3 bites short and going to plan. Modest profit today, but that is after banking an excellent profit last Tuesday at 3287 and re-shorting last Friday at 3295.
BHP, 4 bites short. After closing my earlier short trade flat on Tuesday last week at 3790, I was able to reopen my BHP short trade on Friday at 3820, but with twice the volume. Hence, an excellent profit with BHP today.
BSL, closed my BSL short trade last Tuesday to protect profit, but only to see the BSL sp rapidly decline the last couple days. I had a new short bid in place from last Friday, but unfortunately my bid was a little too high last Friday morning, and hence, a lot too high today.
CBA, once again my short bid from last Friday was just a little too high on the day. Pity as the CBA sp has lost quite a bit of ground the last couple days.
IAG, 1.5 bites short at 583 today from the short bid that I placed last Friday. Modest profit at today’s close.
MQG, 3 bites short at 5900 today from the short bid that I placed last Friday. Modest profit at today’s close. My previous MQG short was stopped out flat last Wednesday at 5883.
ORG, 1.5 bites short, modest profit at the moment.
TLS, 1 bite short, but a little in the red. With TLS I have been tempted to explore the prospect of my new to me trading rule which ‘permits’ me to average up once.
WBC, 1.5 bites short and with a reasonable downwards move today places this short in profit territory after adjustment for the dividend that I had to pay last week,
Pity to have missed the iron ore short trades, which would have been excellent. However, the iron ore stocks started their downwards spiral while I was on holidays in Queensland, and I decided to not trade while I was away on holidays. FMG has taken quite a hammering, I thought that 450 would hold, but that was not to be. The FMG chart doesn’t have any solid support points right down to 300 either, maybe a weak level of support around 350, but that’s about it.
Flem had a good day I see, but when he entered the FLT and HVN shorts, for example, I could see too much upside risk in the charts. Hence, unfortunately I didn’t join in with these shorts. Maybe I should jump in on Flem’s winning streak and short CBA and CSL.
I plan to increase my volume of short trades in anticipation of a correction commencing soon. However, I am undecided as to which stocks to target yet. Ideally I would like to be fully loaded before a correction starts, but if not fully loaded, I might load up some more if and when the correction takes a breather while the XJO consolidates around 5300. This is assuming that a correction does kick off as predicted by the great Martis. Alternatively if you have little faith in Martis there is always the opinions of Tepper, Soros, Acampora, Sincere, and others.
