8 December 2009 – Symmetrical triangle still forming

It’s all red here. The daily trend. The weekly trend. And daily momentum. The only saving grace is that price is stuck in a coiling symmetrical pattern that could lead to a upside breakout toward 5200. A break down through 4600 will be a very negative signal but if we can hold up above that then we still have a chance to kick higher. That said all our systems are going flat or tightening up stops in defensive mode. As I will be taking leave next week we’ll not be adding any new positions to our own accounts and will spend the Christmas break square on short term trades.

** Note ** As of January 1st 2010 the current track record for the ASX Systematic Power Setups will be replaced by a real time trading account. This will ensure a much more accurate representation of results and slippage.

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