OOPs..was that 6400 AGAIN!

IF, I was a betting man then I WOULD have bet that the XJO would hit 6400 AGAIN, and it did...Now, I keep asking...IS THIS IT! JUNE 20 has passed equalling the old high- the market SIDEWAYS for nearly 2 months...hmmmmmmmm...still we live to be surprised and amazed... I was trialling a few trades off of fifteen minute charts on the index coming out about 30 points down for the week....even intra-day it is choppy and SIDEWAYS....is anybody else biting their arm off out there?

Fosters- Had enough of it- Over it - 3 weeks of NOTHING...The XJO did a plunge this morning and I was vaguely panic'd and pee'd off and dumped EVERYTHING, just in case it was the begining of the end.....

I bought ANZ which performed admirably for a few days, and then this morning hit a hurdle- made a TINY loss.... as it sank with the rest of my stocks.

I like the look of Iluka on Wendesday bought on the close-one day up and decent profit- it was dumped this morning...for a profit


And then there was AGK- remember how I said I was losing faith in the 'strong bar through the WMA', well I went this week for the 'jumping bean' bar- yep the whole bar HAS to be over the WMA as was AGK- well that didn't work did it! DUMPED! for a reasonable loss.



I thought ENE was looking good too... NUP. DUMPED!


Finally QBE another decent profit on the table and then this crazy DOJI bar....DUMPED! Still did take a profit out of that...

So, there you have it my 3 month campaign while on leave has resulted in a bank balance advance of about $100- after download fees etc- that's about minus $300... and you want to be a trader-----Forget it.... The only way to make money in trading is to sell trading systems to Other suckers...I should know ...I've bought them all!

I'm sure I'll be a litttle more rational next week..but I'm seriously considering putting the whole game away and not playing-unless....This is it!

June 15 More of the same

Overall, a look at XJO first:

Still this sideways cr%p!.... and, are we on the edge of another run to 6400 ?
- or IS THIS IT!-
With the 'Gann' June 20 'seasonal date ' approaching, change is surely in the air- if only it were love!......I am thinking 'DOWN', but the tea leaves will tell.

Tried a few experimental 'minimal' [$1 a point] trades on the index this week for a small overall loss on 15 minute charts...... still experimenting with something aside from 'trend trading'.

FGL- Still on the go 2 weeks now with nothing happening...but hey, nothing's been happening...so I might pull the pin on it soon.... it's just costing me CFD interest.....

Last weeks 'buy on the close' has performed miserably as oil hit new highs this week....yep short on the lovely big black bar- right on the bottom of it. I am starting to lose faith in the 'strong bar' and will be system testing another idea I formulated this week, which might produce a better result with the same information- hence it is NOT madness!

Didn't perceive many other opportunities this week- but my man Tolly suggested QBE could be going somewhere- it met some of my criteria- except volume - so I bought on the close today.

Paul Penton is CEO of www.mymillionairebuddy.com- Free classic e-books on Wealth Creation.

The week as it was to June 8

All charts are Courtesy of incrediblecharts.com - free charting software





First this week let's have a look at the XJO [Aussie equivalent of the Dow/S&P/FTSE].

As I was suggesting the other week..in 'is this it' the XJO has been range trading between 6390 and 6230. Well, as you can see it held true to form, briefly poking its head above 6400 for a new 'record' high before heading for the security of the 6230 zone-with a brief dalliance to 6190 before getting back in line...Now here's the thing MR Dow dropped 190+ points on Thursday and Friday was back 160 ish- so the Aussie market 'should' rally on Monday. On my radar screen I see a couple of possibilities- There is a long term RSI-Xover on the short side, probably the first Major signal I have seen to say this might be 'IT'- as there have been a few of these I will give it less weight. You can see the 6230 area was formerly a 'resistance' area and common trading wisdom states that 'support becomes resistance' and vica-versa. So I want to see a couple of decent closes under the 'resistance to be convinced the plunge is 'on'. Now given all that, my man with the 'timing' tricks Tolly Sakellariou, was making a call for a decent fall off the S&P 500 high- and it happened- I was looking at a 15 minute chart when his call went out and took a short position on the XJO at 6336- this worked out nicely the next day as that Dow was down- I placed an exit stop above the fast moving average and was stopped outat 6306 - pity as there was another 100 points in it! Still it worked .

To other matters:

I missed an entry on PBL the other day see the previous post- and in general couldn't find much to arouse my trading interest apart from ROC oil on Friday:

This one met all my criteria:- Lower high/Volume/Strong bar & crossing throught eh WMA, and I took a short position near the close at 3.24- pity I didn't wait 'til right on the bell as it came back 6 cents!

FGL- my only other trade in progress from last week-It went briefly into profit and managed to make its way through the plunges currently down 4 cents- I see no reason to exit- apart from that 'little line of resistance! over 6.60




for more share trading info and wealth creation resources visit www.mymillionairebuddy.com

One that got away

PBL.ax

Obviously I was asleep on Monday or disinterested when this fantastic trade came up... perhaps I didn't take it because I thought the initial reactive bar through the Weighted Moving Average was to big?- Fabulous if you're on it...

Lower high-YEP/Crossing through WMA-YEP/Decent Volume-YEP/RSI-X-YEP!

feedtest

this is to test the xml feed

Week ending June 1st

Short and sweet this week- I exited Perilya on Monday as per previous blog...Tuesday a market rise -Wednesday a Plummet- Thursday a scyscraper of a day in the first hour, back near the all time high... so I'm still cautious about buying much as the channel roller-coaster keeps on swinging....however-I did think Fosters has a chance-

FGL.ax Fosters Brewing

A long term Double bottom support around 6.20 from November last year and March this year, a break out from a long term trend line- Big day up- plenty of volume - Someone is believing in this stock!