I made an argument to subscribers this weekend for a moderate low point in the market. Whilst nothing is ever a sure thing with the markets, there was compelling evidence that if a low point was to be made it could have been on Friday. That said, the key driver is the US and this week see’s a holiday shortened week but one full of rampant data releases, some of which may not be kind.
We initiated 4 long trades today; ASX, BHP, DJS and IRE. We suffered some entry slippage on most due to the strong close in the US and most failed to get on with it. It’s a big call to trade against this weekly trend but all these setups offered extra risk/reward payoffs should they come up with the goods. Sometime you just need to roll the dice and see what falls.
Trades today:
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The account dopped a marginal $100 today. As usual we’re keeping the risk very low at 0.5% so downside if all are stopped out will not be overly drastic.
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