Iron ore, spot price up yet another 1% today to 119.40 from 118.20 yesterday, and some journos were calling for iron ore to take a breather. The reporters on MacroBusiness nearly always manage to work a bearish slant into their articles on iron ore, but still a very good website.
BHP, another good day for BHP. Not huge gains every day, but I couldn’t be happier with BHP’s chart since my long trade entry on 1-Apr at 3654. I thought to myself why didn’t I get into the BHP long trade earlier, when after checking my trade history I recalled that I was into it earlier but I was stopped out for a small profit when the SP reversed on 27-Mar. After that I chased the BHP SP for a couple days before biting the bullet and re-committing with another long trade entry. I have done this a few times, including with FMG recently. It appears that sometimes having too tight a stop is safer, but means that you can miss out on some of the gains.
FMG, a huge open for FMG today, but then sold down by traders. I suspect the problem is that while traders like myself are after the 490 to 620 gain, many other traders are happy with a 20 cent gain. That is, some traders are happy to buy at say 550 yesterday and sell at 570 today. Still I can’t complain about the FMG chart since my first entry in this run at 489 on 12-Mar. With iron ore up again today, with Europe up atm, and with the US futures green atm, I am quietly confident that FMG can break through to 600+ soon, and maybe even break out above the 24-Feb intraday high of 622.
MGX, not sure why MGX cannot hold on to its gains. Perhaps it is because it has a much smaller market cap than FMG and hence, is susceptible to forced movements due to its smaller liquidity.
OZL, a slight retreat again for OZL today. I still don’t know the reason why, especially when SFR had such a stellar day today, and I don’t have the time nor energy to research this issue. I tightened up my lower stop on OZL this morning to protect my profit, but the stop was not hit. Hence, I am still in this trade.
RIO, another modest gain today, but finished the day with a doji candle. However, with iron ore up again today, and RIO up in London atm, I am expecting further gains tomorrow.
SFR, had an excellent day today. Now SFR is providing the direction for OZL instead of the other way round. Copper down a bit today though. Hence, I will probably need to set a tight stop on SFR tomorrow as well.
TLS, has regained some mojo today and provided some green for my TLS long trade. So long as the SP500 and XJO don’t fall over I will probably stay in this trade for a while. It may be slow, but if it is reliable I will continue to trade TLS.
ANZ, my insurance short trade yesterday to settle my mind from rash thoughts such as closing BHP, for example, too early. I set the upper stop tight yesterday, and this trade was stopped out for a small loss today. Hence, at least I am not fighting with GK for direction on the banks anymore.
HVN, Flem maybe you need to compare notes with GK and trade your way out of HVN like he did. GK has even opened long trades on HVN recently, what a turn around !!!!
MML and NCM trades are like playing with fire my experience has been. Too difficult for me atm, but excellent profits to be made if you can tame the beasts.
