WEIR bounced

weir just filled the gap and bounced real quickly.
I was lucky enough to have an order near the gap to go long. Well not luck.

dl.dropbox.com/u/4899609/weir29thoct.png

Hi Shotry

Did you sell as it approached 1800? When it hit this mark - a nice round figure - it also hit the descending line for the daily RSi. I have shorted this 1787 with a stop just over at 1805 with a target of 100 points - just before it hits the rising support. It may be stuck in a triangle. It has moved in my favour, currently 1776, although I might yet be wrong.

I did. I think I got something like 1796 or so. The other thing I noticed was the trend on the RSI on the daily chart. Hope you can see it here. Once it approached that level I took the profit. I was thinking the target could have been as high as 1830, but didn't want to be greedy. I didn't short it (although it crossed my mind)as I'm committed reasonably heavily elsewhere. Nice trade. All in all so thanks to whoever it was that posted it.

screencast.com/t/mO3b7vxJ

Ive added to my long on this on the back test of down trend line breach.
My stops are below 1800

dyor
remo

REMO - What MA's are you using on the charts? was there a golden cross about 6 trading days ago?

cheers
a.k.a ridethewave2

The moving averages i was using was 50 sma and 200sma. So a golden cross. This crossed on the 31st october. This happened a few days ago. I did mention this when it was happening. If you follow this thread back you will see me talking about it.

The 50EMA and 200EMA crossed on the 9th october. shows the difference between the 2.

remo