Posts Tagged ‘Rio Tinto’

Ever since I’ve started trading I am looking for good charting package. I tried Sharescope and eSignal and didn’t like the interface. At the moment I am using IG Markets advance charting. It is quite good but there is a big problem. Have a look on this chart of Rio Tinto

See the third candle from the right (where the red line is)? on this chart the high of Rio Tinto on the 4/8 was 3503 and it is outside bar of the candle before.

I am using a lot the inside & outside bar patterns so I would create an order to buy the next day at 3505 or so.

The problem is that this price is fake. Rio didn’t even came close to this price. You can see it on the chart from MoneyAM website:

The high of that day was 3440. Huge difference! So what is going on? From time to time IG and other spread betting providers have some problems with the data they get and the prices jump for a second much higher. This doesn’t affect your positions and orders but it does affect the chart you see.  So you can’t really trust them. It is like driving 80 MPH while your meter says you are only 70. Then try to explain it to the police officer.

It is a shame because their charting package is quite good and cheap (£30 a month free if you trade 4 times) but they don’t clean the data and it is a problem.

I am still looking for good package! Anyone?

Hi,

For the last two days I am  try to catch Rio Tinto with double top pattern at 3490.I will carry this order for today as well.

Another order is to sell RBS at 50.0 with 53 as stop loss and 44 is the target. Reason: Inside bar on the daily chart.

AUD / USD sell at 9070 with 8930 target and stop loss at 9153. Bearish pattern on the daiy chart

USD /JPY Buy at 8500 stop 8400 target 8800 – reason: close to support level.

Opened trades:

Antofagasta: Sold two days ago at 1034 now the price is 1032 which put me at break even point (including trading costs). I do believe that in the next day or so we will see a strong movement in this share I just hope it will be in my direction. Yesterday and today every time that the price went to 1027 it bounced back. So the share needs to break this level in order for me to reach my target.

Hi,

Yesterday I just missed shorting the FTSE at 5410. My order has expired just before it touched this level. At the moment it is standing at 5390 meaning 20 points virtual profit… I do think that the FTSE will slow down today as traders will take some profit from yesterday rally. And if some bad news will come out we can find it very quickly visiting the 5300 area. That’s why I may submit a new order to short the FTSE at the same level as yesterday. It all depends how the FTSE will start. But because I already have a short position on Antofagasta I am less eager to open another short position.

I also carry the order from yesterday to short Rio at 3490 with stop at 3560. It seems like classic double top.

And I’ve added a new order to buy BAT at 2144 near the upper trend line support. BAT has been a bit weak during the last 2 weeks and yesterday it has even went down! But the long trend line that has April 09 seems to give the share good support.

17:46 Move the FTSE sell order to 5410 – It seems that the trend is up today so I think it can reach this level

Rio Tinto: Sell @ 3490 Stop 3561 Target: 3250. Reason: Double top. Current price: 3400

Tesco: Buy @ 390 Stop 385 Target: 410. Reason: Pivot price and kind of support. Current price: 398.

FTSE 100: Sell @ 5400 Stop 5453 Target: 5300 Reason: Top of a trading range. Current price: 5360

All the orders are valid till the end of the day (2/8/10)

* This is not a recommendation to copy my orders!

After a big drop yesterday the market is calm down a bit but I fill it is the quiet before the storm. It is 30 minutes before the opening in US and you can feel that everyone is waiting to see how the market in the states react to the Dubai news.

That’s why I had a quick trade today on Rio Tinto and run a way after a quick profit. I know bought it at 3040 and sold it on 3060. I know it could easliy end the day around 3200 but on the other side it can finish around 2900. Yes I can use a stop loss but if I need to carry the trade to next week the stop loss could worth nothing if the market opens sharply lower.

It is the same with oil and EUO/USD… I am waiting to see. No mater what I won’t trade in the first half hour. If by then I will see a sharp move I may jump on the train (hopefully it would not be too late!)