LSE:BLT – Swing Trade
Using a filter I made in ShareScope it scanned LSE:BHP for a short trade today (BHP Billiton)
– Here we are looking for what he calls a ‘Linear Phase’ trade where a downtrend has been confirmed by breaking a swing low (Dow Theory) and an order is placed below the last bar’s low after a pull-back (modified Gann Swing Chart)
– If the trade doesn’t trigger today but instead creates a new ‘up day’ then we re-set the order to catch the drop, until a key swing high is taken out, which would then confirm an uptrend and invalidates the trade.
– My target will be open but I can consider the gap around 1890, the swing low around 1800 or even 1711 – I’ll see how price develops and trail a stop above daily highs