Pivot point? Thu Apr 15

A very good night on the US stock market hasn't quite been replicated in this time zone with most markets only mildly stronger. The Aussie market is up 12 points at 1.41 pm on a day which has weakened gradually since the open.
My trade for the day is in Incitec Pivot which has been grinding down for a month. I was actually short it for a little while after a small retracement rally a couple of weeks back. Anyway, I've gone long today at 331 - rushed into it slightly - and I'm looking at a stop below the recent lows of 322 and 323.

The action since the high in January all looks corrective. I'm banking on the c wave part of the correction being complete or close to it. I suppose if I'm forced to stop out I'd still be looking for an opportunity to buy soonish.

Other than this I've had a quiet day. Aristocrat is weaker today. I don't know why it has fallen but there have been a couple of big lines of stock put through at 425 and 430 which has dragged the market down as low as 434. It's at 438 now where I've bought a couple of my shorts back.

3.42 Well, Ipl isn't doing well. It's down at 323,324. I'm going to stretch my stop to the February low of 314. Always a bit dodgy but I like the trade: a correction holding within a trading range with an extended little move.

The problem isn't really the trade or the stop - the problem was rushing into it at 331.