July 23 2009 – Up and running

ASX Commentary

July 23 2009 – Up and running

Fri, Jul 24, 2009

We had been saying for a few days that the fact that price was ‘sticking’ to the upper side of the range and not reversing was a good signal for the next leg higher. After last nights burst we need to assume that we’re on the way now. I’m still wary as we now have 4 consecutive red alert bars but we can’t fight the trend as is. We take the information on board and manage the open trades without getting overly stupid with long positions. Many A-B-C patterns are already beyond our required entry points so we’re left with more typical momentum based patterns. I have added a few more today but don’t go gangbusters if you’re already long.

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Nick Radge - who has written 898 posts on The Chartist.

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