I've just about finished storing away about 7 years of old paperwork, I've been cleaning up and reorganising all the files on my computer and I've even been getting rid of old clothes and books. It's happened by accident more than by design but it's nice to clear the decks and I'm excited about trading in 2010 after 2009 has been quite an experimental year.
No new daily trades for me as I'm happy to largely sit on the sidelines but I have started to trade the Spi intraday again and there's been a good little trade this morning.
I'm using the 10 minute chart. I went long 3 contracts at 4713 at about 11.30 am. This was on the break of a small congestion after a new high. I had been looking to short, thinking that the marginal new high could reverse, but there was a flat correction and a breakout indicating a third wave. I sold 2 contracts out at 4732 and 4735 as the rally stalled and left 1 long as I'm expecting a correction followed by a new high. It looks like we're have an a-b-c retracement at the moment.
4.25 The Spi continued sideways, still in a tight range from the low 4720s to the 30s so with a few minutes to go I've sold the last contract out at 4726. Average sale price was 4731 for a gain of 18 points on 3 contracts. At AUD$25 a point, that's 1350 less costs of about $9.
As for my two stock positions from Monday and Tuesday, I'm still long them. Csr was up 3 today and Lgl defied the drop in the gold price to rally 2 to 317, just below my 318 entry.
A quick postscript. In the last few moments the Spi shot up to reach the new high. I thought it would get there but I wasn't sure if it would do it today and given that there was the possibility of a slip back to the breakout thought it best to just get out. Shame though.
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