The Westpac Banking Corp ASX: WBC (second chart below) trade has much the same profit numbers as Commonwealth Bank ASX: CBA, and part of the reason for taking the banks as a trade, is based off the resources topping out. Before these bank trades I pointed out during the ASX200 Elliott Wave video that Iron Ore and RIO are topping out and would see Resources correcting while finance will turn bullish and this trade idea was spot on.
Commonwealth Bank of Australia ASX: CBA
Entry Date: 12 April 2019
Part Profit: 73.29 = $640
Current Profit: = $ 1,028
Total Profit: = $ 1,668
equals 6.7 times the risk.
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ASX Stock Trade Signals, WBC, CBA, Elliott Wave, technical analysis, ASX: A2M Elliott Wave, ASX Elliott Wave, APX Elliott Wave, ASX100 Elliott Wave, Elliott Wave technical analysis,
Extending his passion overseas, Peter travelled to Britain where he studied both the UK and US markets. When Peter returned to Australia, he updated his qualifications and went on to write and deliver advanced trading workshops for global leaders in foreign exchange and derivative trading, including CMC Markets, City Index, Invast and others. As a well-seasoned trader, with an aptitude for investor education, Peter obtained the necessary licences to establish TradingLounge and offer education and trading support to traders and investors.
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