FXR - CFD
Reason
This is a 7 month breakout on a weekly chart! Its been treading down for the past 7 months and it has broken past its support level this week. This is a speculative trade, its a good idea to have a portion of your portfolio put into these trades because if you’re right you’ll make some good money. Obviously, if you’re wrong you need to know when to cut your losses.
The annoucement on FXR is that it discovered some Iron Ore prospect on their land. They will be doing more test and survey on the land to see if there is any magnetic disturbances. (hopefully there are) Apprently they fly helicopters with some magnetic reader and see if the readings goes crazy. Lets see how it pans out, I don’t intend to be in this trade for a long time unless the find more ore prospect in the weeks to come!
The Trade (4th July 2007)
Buy 10,000 FXR @ $1.0452 ($10,452)
Margin Required: $1,045.2 (10%)
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