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Sunday, June 19, 2011

Swing Trade hits the mark

Today I traded the open of the Aussie SPI Index given the positive move from Wall Street (DOW).
This swing trade was triggered at  4,494.5 and had lots of energy to rise quickly to 4518. The price target is worked out in advance of the trade entry. This price target has a 90% chance of success of being the top of the swing. Given the general weakness of the market and especially BHP taking profits against the trend is always a good idea. As per my previous post on BHP (which makes up the majority of the SPI) is in a down trend the SPI is going to keep going south. Points: 26