BHP Billiton

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

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

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

Long @ 1981
SL is below 1955

One to keep an eye out for a breakout trade.


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

This is a free trade as well