I went short at BTU’s stock when trading the US last night. The stock is currently in a downtrend according to the daily bar graph. I waited for a good entry point, which was a retracement in the 30-min stock chart. The stock bounced off indicating a support level, that was previously a resistance level of an uptrend. There are also quite a few more signals that indicate the trend and I’m quite confident with this trade. I also moved my stop loss from 42,50 to 40,27 making it a risk free trade, since that was the price I initially sold the stock.
Regarding the take profit strategy, I will be looking for a bottom fail at the daily stock graph combined with the bottom line of the Bollinger Bands in the 30-min chart. It would be difficult to break below 35 dollars at once but if it does, I won’t complain.
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Jim Makos
Jim Makos has been a professional gambler since 2003 when he first played Blackjack at the local casino. During the following years he developed online betting systems and became an expert in sports trading at the betting exchanges, mainly by scalping the betting odds at horse racing markets. He has also been a casual online poker player and shares his experience in his personal gambling blog. Forex and stock trading fascinates him and he is testing trading strategies based on technical analysis applied to financial charts. Follow him on Twitter - Find him on Facebook.
