Potential for Broadbased Selloff Downunder

Discussion in 'Trading' started by Cherrypicker, Feb 10, 2008.

  1. Before I get started, this thread is based on the Aussie market. It may however, interest a few traders in the US. My reasoning is that when the US markets catch a cold, we in Oz tend to get snotted to a similar extent. I simply trade what I see, based on weekly chart setups, then waiting for confirmation on daily charts, and scaling down in time frames.
    I've just spent my usual Sunday evening going through the ASX100 looking for weekly setups and 33 of the 100 top stocks in the country have shown me either one of my favourite two setups for a 'potential' drop (I usually get 5 or 6). The company's range across all fields including oil, finance, medical, IT, childcare, you name it. Should I get daily confirmation in the coming days or weeks, I'll be throwing everything at it. Before I get my throat slit and told I'm a moron, blah, blah, blah......I'm neither a permabull nor a permabear. I trade what I see. The implications of this for my fellow US traders..... in my relatively short trading career any 'really big' swings I've experienced have usually coincided with those experienced on the DOW in the days immediately before or after.

    Having said that, I am awaiting confirmation for entry on all, bar 2 or 3. I may not get it. For the sake of long term investors I hope I don't.

    Knock your socks off.