18 December 2010

Intraday Counter Trend Trade in FCX

Took a trade in FCX on Friday that was definitely counter trend and not usually recommended unless under certain parameters - FCX had broken the 5 dma two days prior then consolidates prior days move and gaps higher today - the 1.3812 fibonacci extension from the prior days body lies at 113.45, the 50% retracement of the prior measured move lies at 113.50 coupled with a flattening 5 dma - though not impossible for price to break through this level - it is highly unlikely to just burst through - so taking a short position here can be done as your likely to be proven wrong quickly - tape reading at this level is crucial. I took the short at the 113.40 level willing to exit quickly just above 113.60 with the VWAP target at 112.70 - trade was accomplished in 20 minutes with about a 3 to 1 risk reward and .70/share profit.

1 comment:

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