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If at first you don't succeed ...

Let's try again and see if IDL delivers on its promise this time.

In contrast to March 7th, it's now broken above long-term and medium-term averages, volume picking up, MACD positive, and we should have the first HH after a HL.

Closing this morning's gap would be a bonus, but then: "North please, Driver." http://www.sharescene.com/html/emoticons/wink.gif

See chart for details.

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retracement found support at breakout resistance. Buyers seem to be back in control since sellers refused to come down lower.

This could go to 70c.

Disclosure: I hold and topped up.

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ahh my favorite is back in play.... this stock presented many beautiful trades on its last uptrending channel, and also provided the perfect exit. I could sit here showing examples of how perfectly this one follows the chart, but i wont, i'll keep it simple. As you can see this stock trends in beautiful channels. What i like to do is buy the bottom or middle of the channel, and sell either at the top of the channel, or just outside.

I've just sold the open this morning, and will look to buy back in about the half way mark of the channel and see if support arrives, oif not, i'll sell again and look for entry closer to the bottom of the channel.

This provided several trades on its last uptrend, and so far is looking that way again http://www.sharescene.com/html/emoticons/smile.gif

I'm trying a new strategy a mate told me about, when i sell, keep the profits in stock, in the co's you have a good opinion of in the longer term, that way, each time you sell, you are aquiring "free" shares - good concept, i like it http://www.sharescene.com/html/emoticons/smile.gif

Cheers,

K-oss.

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Well, i was bidding @ 56.5 which would be roughly half way between the channel, and also coincide with recent short term resistance (7th and 8th), and also would be on my 13wma[purple]. I like to use the 13[purple] and 26[blue] weighted moving averages (wma's) as trend following tools. when price dips back to the 13[purple], look for other levels such as past resistance or past support which may and more significance to the level. Some times you might see a level a bit lower, but generally speaking on good trending stocks, the support usually arrives between the 13[purple] and 26wma.[blue].

While waiting at 56.5, i noticed heaps of buyers piling back in when it touched 57.5, and within an instant, it was back at 58.5 bid, and 59's all gone from the offer. so i amended my buy to 59, and sure enough, a bunch jumped over me and went to 59.5 bid, so i bit the bullet and jumped back on @ 60c. Still $1,500 less than i sold for, so a worthwhile exercise.

From here, ride the trend, sell if it gets outside the channel.

Cheers,

K-oss.

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Gah !

Changed the plan and got punished for it.... should have stuck to the original plan and left my bid @ 56.5c, would have been filled on close yesterday http://www.sharescene.com/html/emoticons/wacko.gif

Oh well, i guess thats a reminder to not 2nd guess a plan - coz a plan is usually derived with a clear mind, without the influence of how the market depth or sentiment may look when price is close to target.

Oh well, see what happens from here. reasonably tight stop in place incase we are heading for the bottom of the channel.

Cheers,

K-oss.

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  • 2 weeks later...

After a shakey re-entry, price ended up channeling sideways until the channle caught up with it, and has now begun to move back towards the top of the channel. Closed above most recent consolidation high (pink).

Lookin good once again http://www.sharescene.com/html/emoticons/smile.gif

 

Cheers,

K-oss.

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http://www.sharescene.com/html/sharesceneradio-logo.jpg

Recent ShareScene.com Radio Broadcast (04/06/2008 12:00:00):

IDL - New China Client For Industrea - Mr Robin Levison, MD

 

N.B. ShareScene.com Radio can normally be accessed by the 'RADIO' link, top of every page.

-------------------------------------------------------------------------------------------------------------

ShareScene.com Radio delivers investor presentations from ASX listed companies. Keep up to date with the latest corporate dealings of the shares you follow. Hear news direct from the source. Listen to directors and investor relations mangers discuss their company, give investor updates and brief on current results. ShareScene.com Radio keeps you informed about company announcements and events, and provides you daily market wraps and industry discussions.

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In reply to: K-oss on Thursday 05/06/08 12:05am

Trade failed.

When price fell out of the channel on 10th June, i thought price was likely to bounce back up at some point over the following few days to retest the underside broken channel, at which point i'd get out. I placed my sell at 58.5 because that also coincided with a gap from 6th.

Ended up with a very affordable 2% loss.

Cheers,

K-oss.

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In reply to: K-oss on Monday 16/06/08 10:27am

very commendable, k-oss

 

There's not enough posts like this, following up on trades that didn't meet expectations.

Any new traders could get the impression, from the usual discussions, that we all buy, then hold no matter what.

WRONG!!!

If it doesn't do what you bought it for, cut your losses and try the next, better one. At least, you'll still have money to trade with http://www.sharescene.com/html/emoticons/graduated.gif

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