I have started short term paper trading and had a long view on the following stocks:
BHP - Trade entered 1st July @ $33.83, stopped out at $32
Stock moving sideways and entered at bottom of recent trading range with view of move to recent highs of $37 with stop at $32 allowing for a bit of volatility
RIO - Trade entered 1st July @ $48.50, stopped out at $47
Just before rights deal and had thought that all of this effect was built in. Stock was moving sideways and entered on low of recent trading range with stop at $47 allowing for a bit of volatility
BSL - Trade entered 1st July @ $2.52, stopped out at $2.35
Stock was moving sideways prior to entry and bought on price support with view of move to recent high of $3 with stop just below recent low
CSL - Trade entered 1st July @ $31.89, stop set at $30.50
Clear up-trend looking at target of $35
Stop at start of up-trend
Each of the stocks to me exhibited the same kind of pattern that I initially have been looking for - sideways movement with view of this building support from which an upward trend can be generated. I have consciously decided to focus on price and volume with little to no indicators at the moment as I would like to understand the basics.
However can somebody please give me some guidance or other indicators in these stocks that stand out as signals not to enter the trade? i.e. if there are common trending patterns that I should have seen or if there are other indicators that would have indicated not to enter.
I am not looking for a one size fits all answer but constructive criticism/ideas that will help me in future trades.