Bounced off support and big gap up today..

follow up chart

Gapped up today and broken out..

This is a free trade as well

One to keep an eye out for a breakout trade.


dl.dropboxusercontent.com/u/4899609/bhp16thjuly2014.png

Long @ 1981
SL is below 1955

Count wrote:
Hi Count

If you look at the weekly chart, BHP has broken out of a massive trading range





Target should be roughly the size of the Head if you consider it as an iHS ( 1974 is Neck Line - size of the head is roughly 282 points so it gives a target of 2256)

OR

If you consider it as a Triangle its roughly its base (around 400 points) it will give you a target of around 2248 which is a Resitance level (high of 17/2/13)

If you plot Fib expansion targets - you will get similar figures

Anywhich way you trade it - bank profits on your way, protect your capital and use SL

It wont make it to 2248 in a straight line - there will be pull backs

Look for HH and HL on daily candles - first sign of a pb will be when candles fail to make a HH and a HL

Hi RC,
May I ask your target price, is it 2051 or a more ambitious 2214?

CLosed half @ 1982 which is more than I risked

SL for the rest moved to below 1951 and will run as a free trade

Follow up chart

Hi redchilly
Theres some serious resistance near by at 1944...This is the level that BHP needs to clear for higher prices..The short term down trend line and horizontal supports are close together.


dl.dropboxusercontent.com/u/4899609/bhp12thmay2014.png

Long today @ 1930

Flag, Cup & Handle, iHS you can call it whatever you can see

SL is below 1893

Has now broken out since my earlier post yesterday..


dl.dropboxusercontent.com/u/4899609/bhp180214.png

Fighting with resistance currently, one to watch for symmetrical triangle break-out..


dl.dropboxusercontent.com/u/4899609/BLT170214.png

This is flying but missed the boat
No position


It never looked back to fill the gap and missed the IB as well yesterday

Island Reversal
Gap down - Island - Gap up

I have 2 orders to open long @ 1745 and 1755 (gap)

This ones getting near the buy zone for a first attempt trade...Im going long at 1622 with a 25 point stop. This is a first attempt trade only and for me its a short term trade.
this is in this weeks tips section


dl.dropboxusercontent.com/u/4899609/bhp3rdjuly.png

Shotry wrote:
hi shotry
Im already long from yesterday and have taken profits and its a free trade for me now.
Im a short term trader so probably the worst person to ask about a trade if its long term your after.
Maybe go long on the gap fill???

In your view is this now a buy since it's retesting it's break?

This is currently fighting the down trend line and the 123 low.
another one from this weeks interesting charts

Closed half today @ 1902 & SL moved for the rest to 1935 which above todays high

H&S breakout
I went short this morning @ 1992 & its already in profit
SL is above the neck line @ 2025
Its also gone down below the 200 DMA