FM on TSX - futures io
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  #1 (permalink)
Montreal, Canada
Experience: Beginner
Platform: IB, MC+IQ
Broker: IB/IQFeed
Trading: ES, Stocks
fallout's Avatar
Posts: 30 since Jan 2010
Thanks: 14 given, 21 received

I've been trading First Quantum Minerals (FM) for a few months now. Materials have been great gainers in my opinion; this one is fairly volatile too. I don't have much to say (I'm only a beginner) but I'll point out what I've been seeing with this company. Perhaps someone out there might be interested in my trading method and chime in with their expertise.

My indicators are: EMA (7,27); MACD (7,27,7); RSI 14, Parabolic SAR and Fast Stochastics for kicks (false signals galore, it's like a random seismograph). One of my rules is I trade from 10:30 AM to 3:30 PM. I consider myself a trend trader.

Anyway, FM has been slowly gaining on a weekly basis. I keep noticing periods of resistance once a week, then boom, massive increase in price. I don't like keeping overnight positions too much, but when I see these resistance periods, I buy and keep overnight, awakening to a nice profit. The increases are always apparent at the end of the week (Wednesday and onwards).

Attached is a chart I followed yesterday and today. Notice Wednesday's resistance period (afternoon and onwards) where the price barely moved. I placed my position at the end of yesterday and sold at 123.50 today.

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