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CFD Trade of the Week: Short BLY shorting - in profit!

ASX Trend Trading
Short on BOART LONGYEAR LIMITED – BLY

Entry: 21 Nov at 0.37, Stop: 0.305, Target: OPEN,

1% risk ($200) buys 10,000, Margin 10%
Cost: $369 (plus brokerage) Profit as at 5 Dec: $1000

The reasons for taking this trade, was simple. Firstly we were trading with the trend, secondly is about the price, using...

 

BOART LONGYEAR LIMITED – BLY
Trade still Open

CODE BLY
ENTRY DATE 21 Nov
DIRECTION  Short
ENTRY 0.37          
STOP  0.305
TARGET OPEN
CURRENT PRICE 0.27

1% Risk ($20,000 capital) $200
Margin 10%
Cost $369 + Brokerage
Quantity 10,000
Profit at 5 Dec $ 1,000


BLY Short Trade
The reasons for taking this trade, were simple. First we are trading with the trend and second, its about the price. Using the TradingLevels® we saw the market was under 0.50, meaning the market was under the closest, largest number, not above and this represents a form of weakness.  The market had also retested at 0.50 and failed which was also supported by the volume. The actual trade set up and signal was managed by our CFD Trading System called Robo 2 which is a mechanical approach, simply overlayed on reading the market as we read the market using price and volume.

CFD Trend Trading

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