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Trading Diary
December 05, 2002
These extracts from my daily trading diary are
intended to illustrate the techniques used in short-term trading
and should not be interpreted as investment advice. Full terms
and conditions can be found at Terms
of Use .
USA
The Dow declined a further 1.3% to 8623 on lower
volume. The creeping up-trend continues.
The primary trend is still down. It will reverse up if the average rises above 9130.
The Nasdaq Composite formed an outside day, closing 1.3% down at 1410.
The primary trend is up (the index is above 1426).
The S&P 500 closed down 11 points at 906.
The primary trend will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 50% (December 04).
Back Issues
The primary trend is still down. It will reverse up if the average rises above 9130.
The Nasdaq Composite formed an outside day, closing 1.3% down at 1410.
The primary trend is up (the index is above 1426).
The S&P 500 closed down 11 points at 906.
The primary trend will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 50% (December 04).
ASX Australia
The All Ordinaries reversed to close 11 points higher at 3004.
The inside day and lower volume signal uncertainty.
The primary trend will reverse (up) if the index rises above 3150.
The Slow Stochastic (20,3,3) is below its signal line; MACD (26,12,9) is above; Twiggs money flow signals accumulation.
The primary trend will reverse (up) if the index rises above 3150.
The Slow Stochastic (20,3,3) is below its signal line; MACD (26,12,9) is above; Twiggs money flow signals accumulation.
Capral Aluminium [CAA]
Last covered on November 07.
After building a broad base over the last 3 years, CAA has started to trend upwards in the last few months.
Relative strength (price ratio: xao), MACD and Twiggs money flow are rising strongly.
Last covered on November 07.
After building a broad base over the last 3 years, CAA has started to trend upwards in the last few months.
Relative strength (price ratio: xao), MACD and Twiggs money flow are rising strongly.
Price has gapped up to break above resistance at 2.95 on strong
volume. The ideal entry point is on a buy-stop above the highs
of the lowest days, [1] and [2], in a weak pull-back from the
resistance line. The stop is placed below the low of the same
day. The next best entry is just above 2.95 when price breaks
out, with a stop just below the high of [3].
Price has now run too far above the stop levels so it is prudent to wait for a pull-back to the newly-established support level or some form of consolidation.
Price has now run too far above the stop levels so it is prudent to wait for a pull-back to the newly-established support level or some form of consolidation.
Market strategy
For further guidance see Understanding the Trading Diary.
For further guidance see Understanding the Trading Diary.
Short-term: Avoid new entries. The Slow Stochastic and MACD are
on opposite sides of their respective signal lines.
Medium-term: Avoid new entries.
Long-term: Wait for confirmation of the
bottom reversal signal.
Colin Twiggs
Zigong asked: Is there any single word that could guide one's
entire life?
The Master said: Should it not be reciprocity?
What you do not wish for yourself, do not do to others.
- The Analects of Confucius, 15.24
The Master said: Should it not be reciprocity?
What you do not wish for yourself, do not do to others.
- The Analects of Confucius, 15.24
Back Issues
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Trading Diary Archives.
Back Issues
Access the Trading Diary Archives.
Author: Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.