Christmas is really getting close, I would advise winding down your trading and enjoy your time with you families!
In the recent posts, you can see how I use trade management, such as taking partial profits or tightening your stoploss, are part of the entire trading process.
A main reason I’m taking profits on the longs is because of where we are on the STI now.
The STI is at resistance and seems to be rejecting, therefore I generally don’t want to be heavily long with my portfolio.
This is my personal style, you don’t have to implement the same methods in your trading.
I just aim to bring some awareness to the practical applications of this.
STI at resistance, made a gap up and run for the level but dropped back down again.
It seems we’re getting rejected from this level, I will be watching if another test of 2950 fails.
Follow system but be cautious with your longs.
Broadly speaking, STI is in a large range, we are at the top of the range and it seems to be holding.
Closed in good profit from our entries under $0.9
Still hovering here, follow system.
Gave another chance to take some profits off the table on wed if you didn’t already.
Rather toppish movement, personally I would close off this position if it drops under $9.
Mainly because of the STI, if STI continues to drop, I would close off even if it doesn’t cross under 4$9
Net you should be breakeven or small profit.
Just covered the gap, I think can get ready for entry if you didn’t enter previously.
Just be aware of what the STI is doing before you enter.
Otherwise, follow system.
Completely out of this position in good profits since our entries at 1.365 and 1.435.
Honestly believed this would be a good hedge in case STI drops, however it doesn’t seem to be the case.
Nevertheless, follow the system. Be careful if it crosses above $0.905
As said when I first highlighted this counter, it is up against a long term resistance.
So we are seeing it struggle right now.
Be aware of what STI is doing.
As you can see I have trimmed my longs in the face of what STI is doing.
Good trading folks!