Each week, Stockhead’s resident day trader gives us a peek at the highs and lows of his trading diary and hints at what might be coming this week.

Platform used: Marketech

Round Trip: A round trip is $10 up to $25,000 and then above $25,000, commission is at 0.02% in and at 0.02% out.

Rules of engagement: Never hold any positions overnight (unless forced) and try to avoid any suspensions (if possible). No shorting.


Monday August 28

I have to get over this Monday morning thing, where I mentally think about it being the start of the week and therefore, I put myself under pressure to make the first trade a sure winner.

It really should be the same as every other day, except Friday, where you know there will be some book squaring ahead of the weekend.

Having said all of this my first under-pressure trade came in trumps and then FMG came on the radar.

They opened up late, as they released their figs whilst market was open and when they fell to below $20, I just had to have a go.

Straight in – bang – with 5,000 and then sat back and relaxed. Could go either way and could have to double down but hey, they came good without me watching them.

Out they went and I then ignored everything else, except for SYA, who fell 27% on 320m shares turnover. Just amazing to watch, though only out of curiosity – they are not for me.

Up $1,405 and a bit shocked.

Image: Marketech
Image: Marketech

Bought 1,000 RIO @ 107.89
Sold 1,000 RIO @ 108.06 ($170 profit)
Bought 5,000 FMG @ 19.95
Sold 5,000 FMG @ 20.205 ($1,275 profit)

Tuesday August 29

And we’re off! WTC have a tumble at the first, not once but twice before recovering and coming in at $73 on a firmer footing.

Thought that will do nicely, then WBT popped up as a big faller and put in a cheeky limit when they were trading at $4.07 and blow me down it got hit on some stop loss selling.

Just happened to be the low for the day, which makes a change.

Happy to grab and run.

Then CBA in the afternoon was sold down against the market trend. Took a bit of pain before the gain and noticed they finished the day above $101.

Up $1,250 on a Tuesday, which is unusual. Normally find Tuesdays dull and boring.

Image: Marketech
Image: Marketech
Image: Marketech

Bought 1,000 WTC @ 69.37
Bought 1,000 WTC @ 69.04
Sold 2,000 WTC @ 69.57 ($730 profit)
Bought 2,000 WBT @ 3.95
Sold 2,000 WBT @ 4.02 ($140 profit)
Bought 2,000 CBA @ 100.61
Sold 2,000 CBA @ 100.80 ($380 profit)

Wednesday August 30

CHN came on down 23%, so had a nibble and then got a special in WTC before having to go back and take another bite in CHN.

At bang on 11.00am, CHN had a rally, so I feel for the poor bastards who got caught out in the margin call fall out. Not good.

That being said, I was walking away but just couldn’t help myself in the last half-hour, with CBA below $102 and CHN had another hiccup. This folly lost me $150 plus bro, so I ended the day at plus $885.

Image: Marketech
Image: Marketech
Image: Marketech

Bought 2,500 CHN @ 3.91
Bought 2,000 WTC @ 68.82
Sold 2,000 WTC @ 69.02 ($410 profit)
Bought 2,500 CHN @ 3.70
Sold 5,000 CHN @ 3.93 ($625 profit)
Bought 2,000 CBA @ 101.99
Bought 2,500 CHN @ 3.75
Bought 2,000 CBA @ 101.79
Sold 4,000 CBA @ 101.84 ($200 loss)
Sold 2,500 CHN @ 3.77 ($50 profit)

Thursday August 31

Started out looking at CHN from the open and they were looking better than yesterday and then get got smashed in volume.

Thought good to have a go and eventually, had a last hurrah at 11.00am, as after yesterday’s move at this time, I thought the same may happen today.

They did eventually get there. Had a limit in at 3.65 but they never got there.

They hit $3.60 three times, so adjusted down to $3.60. Yay!

Had a moment of weakness at the end of the day in WTC and WEB, which came in against me so ended the day up $465. Should have quit when I was ahead.

Image: Marketech
Image: Marketech
Image: Marketech

Bought 2,500 CHN @ 3.69
Bought 2,500 CHN @ 3.58
Bought 2,500 CHN @ 3.47
Bought 5,000 CHN @ 3.50
Sold 12,500 CHN @ 3.60 ($650 profit)
Bought 2,500 WEB @ 7.03
Bought 2,000 WTC @ 69.53
Sold 2,500 WEB @ 6.98 ($125 loss)
Sold 2,000 WTC @ 69.50 ($60 loss)

Friday September 1

First day of spring and I start the day drinking from what turned into a poisoned chalice for me, before a bit of sense came back into the market.

I have never known a share to get so punished as CHN, as over the week they have fallen over 40% on persistent selling, leading them to have a low of $3.10, before recovering 7% or so at the close.

At one point I was down over a grand and by lunchtime it was looking like a $500 loss, which made me determined to hold them till the end of the day.

Then FMG had Twiggy drinking from his own Chalice as yet another executive resigned, which gave the market the willies.

As with all of these companies that have dominant leaders involved, at some point their egos will come into play if the market doesn’t believe their vision! So got involved and waited for a bounce.

In the end not a bad day, up $1,375, though was not expecting this result at midday, I can tell you.

Plus $5,380 gross or $4,795 net, so it ended as a cracker of a week.

Image: Marketech
Image: Marketech

Bought 5,000 CHN @ 3.31
Bought 5,000 FMG @ 20.33
Bought 5,000 CHN @ 3.23
Sold 5,000 FMG @ 20.39 ($300 profit)
Bought 5,000 CHN @ 3.18
Sold 15,000 CHN @ 3.31 ($1,075 profit)