FMG sell trade
FMG buy trade
FMG had a run up through 1950 and a test and rejection into 1960 with a short taken here and the stop at 1966, short thesis was in place with the Evergrande situation on Monday and no iron ore trading in China with the public holiday but selling was short lived with the stop taken out. Heading into 12 pm Sydney time iron ore opened lower but dips were being bought into the iron ore opening lower and some selling in FMG to test vwap got me interested in taking a long with a brief dip through 1955 being quickly bought up I went long at 1956 keeping the stop tight at 1950 just below recent low's of 1952. The XJO being on a run higher helped reinforce the long thesis and after 1960 was broken again it was a nice trending day getting out at 1988 with resistance here seen recently as 2000 was looking a bit of a stretch given the over 3% gain already seen in FMG so far today.
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