Whites of the eyes. Thu Apr 21

I'm really looking forward to a break, this is the last trading day until next Wednesday. Early gains are fading slightly as some caution prevails but the market is still up 31 after a strong overnight lead where it seemed as if everything went up.
For the umpteenth time this month, my longs and shorts are balancing out and I've nothing much to show for the day. One reason for that is that I'm not waiting until the balance is my way. For example, Lynas is up 7 at 247 where I've shorted some more. I should have been starting here, it was a toss of a coin trade yesterday when I shorted the first few at 238 and 240. The stock has rallied past what I thought could be resistance at 247 (intraday high of 251) but I think it's a good bet that there'll be a second swing down, it's just not the simple 5 wave thing I was anticipating. A stop above 260 is reasonable as I'd expect another drop to get to 220 but it does highlight that the risk/reward isn't there for yesterday's initial shorts.
My usual logic is that if I can consistently get the trade on at a really good level, my returns will be much better. The corollary is that there are going to be plenty of opportunities where a stock goes the way I expected and I don't get on board. The point to remember is that there will still be plenty of opportunities.
Here's the Lyc daily.

Looking at the chart, above, you can see that this is no sure bet. It's only in the short term that the stock is weak, on any medium term basis, the stock is in a good uptrend so any short I put on has to be well judged.

11.56 Fortescue is gathering speed and I'm out of the last of my short. It may have completed an a-b-c correction, in which case, it could pop up to a new high. I bought stock 1 for 1 with my puts so I'm synthetically long calls now.

Linc made a sell signal on Tuesday and reversed yesterday. I reluctantly cut but now, once more, it looks massively bullish. I'm loath to chase it up here because I'd like to see a pullback to the mid 280s but I'm worried about missing out! Now that it has had a c wave down, albeit a short one, the downside risk seems milder. It could track all the way back to 250, 260 but there has been ample opportunity in the midst of a sharp market correction and it hasn't happened so far. Here's the daily.

And here's the weekly.

12.32 Gold is rising in the Asian session, unusual lately when it has tended to pare back some of the overnight gains. If it wasn't for the Aussie dollar running even harder, I might be getting some joy from the gold longs.

2.40 Decided to buy a few Lnc on the backfoot at 292. I'm hoping to get more lower but with a couple more coal mines sales due to be announced, there is the possibility of market moving news over the long weekend.

4.28 That's it, a rise of 55 to 4914 and a strong finish to the week.
Same old April story for me, longs and shorts cancelled out although having reversed in Fmg, I'm bullishly positioned now.