Potential outside week and bullish potential for ASLEntry conditions:
(i) higher share price for ASX:ASL above the level of the potential outside week noted on 27th September (i.e.: above the level of $1.265).
Stop loss for the trade would be:
(i) below the swing low of 23rd September (i.e.: below $1.10), should the trade activate.
ASL trade ideas
(ASX ASL) AUSDRILL Ltd faces resistance at 2.20ASL share prices are currently being tested at 2.20 resistance level at the time of writing. Share prices have had a decent run after breaking out at 1.80 price level late August 2019 and could be due for a breather before continuing to the upside. Share prices might pull back to around 2.10 to 2.05 if it fails to push through 2.20. If it makes it through 2.20, then the next estimated target is approximately at 2.35
Need help changing this script to long onlyNot sure how to fix this but i want to take all the short trades out as i believe this wil reduce the drawdown.
Any help would be greatly appreciated
//@version=2
strategy("MOMENTUM", overlay=true)
//RSI Section
length = input(2, "RSI Period")
overSold = input(30, "Oversold Level")
overBought = input(70, "Overbought Level")
price = close
vrsi = rsi (price, length)
//VSTOP Section
vlength = input(5)
mult = input(2)
atr_ = atr(5)
max1 = max(nz(max_ ), close)
min1 = min(nz(min_ ), close)
is_uptrend_prev = nz(is_uptrend , true)
stop = is_uptrend_prev ? max1 - mult * atr_ : min1 + mult * atr_
vstop_prev = nz(vstop )
vstop1 = is_uptrend_prev ? max(vstop_prev, stop) : min(vstop_prev, stop)
is_uptrend = close - vstop1 >= 0
is_trend_changed = is_uptrend != is_uptrend_prev
max_ = is_trend_changed ? close : max1
min_ = is_trend_changed ? close : min1
vstop = is_trend_changed ? is_uptrend ? max_ - mult * atr_ : min_ + mult * atr_ : vstop1
plot(vstop, color = is_uptrend ? green : red, style=circles, linewidth=2)
if vrsi > overBought
strategy.entry("Buy", strategy.long, comment="Buy")
if vrsi < overSold and vstop > price
strategy.entry("Sell", strategy.short, comment="Sell")
ASX:ASL Long IndicationP/E Over 24
P/B 1.11
Last yearly report, net debt was wiped by well over 100m leaving only 216m left. Debt may not be completely wiped, but a hint at dividends returning could be possible. Operating profit returned positive after two consecutive years negative. If net profit after tax exceeds 70m and debt is decreased by 50m+... This will be fantastic. The share price will exceed $3.
A stock so fundamentally strong with good earnings - this may soar.
Earnings should be strong as the price of gold has not diminished, iron ore has also returned over $60/tonne.
I have an order in for 1300 shares at $2.16 strike. I feel it is early enough to bet on earnings without getting in high and late after the pre-earnings hype.
Earnings on the 23rd.
If earnings look anything like last year... wowzers.