Xstrata

This looks to have had an inside bar yesterday following a bearish engulfing candle:



dl.dropbox.com/u/20815047/XTAdaily09_11_12.gif

I went short at 981 yesterday based on bearish markets and the engulfing and IIRC the way to trade an inside bar is to follow the move in whichever direction it breaks so hopefully this will play out.

The wave count is purely for my own purposes so best ignored perhaps.

I thought Inside Bar system you should trade on currency only?

I am looking to go long on the miners but I am waiting for a lower low to get triggered off.

We are still in the highs so lets see. Patience. I have been stung by the lack of it many times lol

hi ftse80

Thats just me my friend. I personally have not used it on shares but if its liquid enough then why not. If it works for you then go with it.
remo

This is approaching the short term downtrend reistance which stands at 991p today:



dl.dropbox.com/u/20815047/XTAdaily20_11_12.gif

I've been patiently waiting for this to retrace to the 984p support at the 61.8% Fib, uptrend support and natural support but if it closes above this downtrend I may need to re-think the strategy and go long.

It really doesn't look like the correction is properly complete to me though. Any other thoughts out there? I'm thinking possibly a short at 989/990 with a very tight stop...

It's looking like someone pulled the plug at 984 - down to 956 at a rate of knots!