I have made a few profitable day trades in X, BTU, TBT and FCX. The price expansion continues as shown by the ATR line. The key here has been to stay nimble -even intraday- and to establish positions once a trend is establish for the day. We have run into siginificant resistance this week and it is reasonable to expect reversion in prices after a very strong run. The slope and direction of both 20 and 50 DMAs are very similar in the charts of TBT, BTU, FCX and X. They are turning up and getting ready to cross. I am still day trading only and not even thinking about swing trading. I continue to write my observations in the journal to document the market action and my own reactions.
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- TBT Fails
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- BTU Bottom?
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- FCX Bottom?
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- X Bottom?
