This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

ASX set to open high today, any good stocks for intraday trading?

Jump to new
T

troyxlr8

Joined
5 April 2013
Posts
16
Reactions
0
Hi Guys,

So ASX set to open high today, Whats your good stock picks for day trading?

The one I'm going to chuck some money at is MGX Mount Gibson Iron, they went up yesterday and i think they still have some steam
Just a hunch but i dont have technical analysis or anything other than advice from ASR to back me up.
 

It's just busted out of its channel, so yeh, why not. Know if/when to sell. For trading to be successful over the longer term, you either need to be very accurate (high win rate) or make your winners much bigger in size than your losers...or a bit of both. If these things aren't achieved, you will lose over the long term....despite what happens today.
 

Thanks for that. So perhaps mgx is a longer term trade then?

Forgive my inexperience, but what does bust out of its channel mean?

Cheers,
 

You ever notice that sometimes when it opens high it doesn't keep going, it reverses?

Just because it gaps open doesn't mean its always a long opportunity.

CanOz
 
troyxlr8 said:
Thanks for that. So perhaps mgx is a longer term trade then?

Forgive my inexperience, but what does bust out of its channel mean?

Cheers,
Click to expand...

Before you enter a trade, have a look at the chart and see if you can get a feel for how high it might go, and in what sort of time frame. Say you expect it to go to 80c in 3 weeks. Take your 3 weeks and get a feel for how low you think it might go in that time frame if you get it wrong. If the potential upside is twice the potential downside, go for it. Be prepared to sell if the downside eventuates.

Me, I pick which stock using gut feel. Almost everyone on ASF disagrees with that approach, but whatever method you use, try to apply the above so that when you get it right your winners will be bigger. If a week passes and you think to yourself "it's gone up a bit but i just don't like the look of it any more" then get out at a small profit. You don't have to wait until you get stopped out.

Charts aren't working - sorry. Someone else might post the channel.
 
Gringotts Bank said:
Me, I pick which stock using gut feel. Almost everyone on ASF disagrees with that approach, but whatever method you use, try to apply the above so that when you get it right your winners will be bigger.
Click to expand...

That's irrelevant what we think the only thing that matters is the account balance......... how is that going?
 
Trembling Hand said:
That's irrelevant what we think the only thing that matters is the account balance......... how is that going?
Click to expand...

Going ok.

IMO, discretionary share market traders put too much emphasis on R:R and position sizing, and not enough on choosing the right stock in the first place.
 
You must log in or register to reply here.

Similar threads

August 2025 DDD
2 3
Replies
54
Views
7K
ducati916
DrBourse TA Help for Beginners
15 16 17
Replies
335
Views
79K
DrBourse
O
FX part time trader moving to ASX - Several Questions
Replies
1
Views
2K
greggles
All trading needs to cease for 14 days prior to Monday open in Sydney
2 3 4
Replies
75
Views
15K
divs4ever
Need Guidance - TA/Momentum Based Strategy
2 3 4
Replies
64
Views
20K
tech/a
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...