I finally made a trade this week. Hence, I have opened this week’s trades thread.
With many thanks to Rule 10, as discussed on another thread, I had an excellent day today. So glad that I didn’t close my FMG trade, in particular, after the SP500 had a bad session on Friday night.
BHP, On 2-Apr I wrote:
‘what a chart BHP is throwing up for us now, perhaps it will replicate the run up from 5-Feb to 24-Feb.’
Now BHP is continuing its strong run. My intermediate target was 3800 based on the resistance on around 11-Nov, 2-Jan, and 20-Jan. With todays close at 3788 my intermediate target has almost been met. Now hopefully it will be onwards to my final target of 3950, anything above that will be pure cream.
FMG, yet another good day for FMG with a close at 559. Imo 550 was a key level on the way to 600 plus. Iron ore was up 1.3% yesterday to 117.20, and already tonight some Hotcopper posters are reporting an iron ore price of 118.00 today. I am not sure where the other Hotcopperites are getting their iron ore data from, but the April contract price is shown here (after selecting commodities = FEF) as 118.87, and the May contract price is 117.19. Hence, whatever the final outcome for today’s iron ore price, I am expecting another good day for FMG tomorrow … even the falling SP500 could not slow FMG. Fingers crossed as FMG is my largest holding at the moment. Some TA ‘experts’ are calling for a bounce in the US and Europe tonight. If a bounce occurs tonight and iron ore is up again, then FMG at 600 plus might be reached sooner than expected.
MGX, after being in the red for a while with MGX it finally woke up and has a nice run today. However, after enduring a few red days with MGX, it will need a good run to catch up with FMG.
OZL, a slight retreat for OZL today. Not sure why because copper is still recovering nicely. There must be a reason, unless it was simply pesky traders like myself. However, my OZL long trade is still very green.
RIO, continues to improve after a small setback a few days ago and closed at 6450. Not doing as well as BHP on the way to my intermediate target of 6875, but there is still hope that it will achieve my final target of around 7100.
SFR, still has some work to do to catch up to OZL, but at least this trade is still green.
TLS, flat at the moment, but previously I caught the run up from 505 to 524 from 10-Feb to 20-Feb. The February trade wasn’t a huge gain, but if I can repeat that trade range I will take it.
ANZ, yes I have shorted ANZ yet again … you would think that I would know better by now. After opening the short at 3348 this morning the trade is a little in the red at the close today. Why I shorted ANZ yet again is explained below.
- I didn’t want to close any of my long trades this morning, FMG in particular. However, I was concerned that my open longs might take a lead from the SP500 last night. Hence, I wanted to open at least one short trade as pseudo insurance.
- Analysis of the sectors in the SP500 last night shows that the Financial sector was hit. Hence, I decided I wanted to short a bank this morning.
- Which bank to short was a toss up between ANZ and WBC as the charts for both are quite toppy, and both have a double top in sight. However, the ANZ RSI was highest, so ANZ it was.
