I was hoping to get out of a couple of awkward trades on the rally but not necessarily expecting too much as it seems that yesterday's big fall out of the blue has shaken the confidence/overconfidence that was building.
Minara has released a mildly disappointing quarterly result and has sold off a couple of cents. It made a new high on Monday and Tuesday but couldn't push on. My stop is around 78 so this is getting close now.
11.39 Minara cracked and I had to stop out, dealing at 77 and 78. Most were bought at 82 but I bought a few at 84 too. It's got me thinking about the sort of trades I should be doing. I've been toying with taking more breakouts as the market starts to move out of the trading range and certain stocks are running, but this Mre trade was actually the sort of trade which I really dislike. I bought an extended situation on the hope of an increase in momentum. If I am going to do a few high momentum trades then it's much better to just watch the ones which are already in that phase and then look for good entries.
The market overall is just up 9 points now.
In the meantime, old habits proved to be sensible in Mml. A couple of days ago, I sold out half of my long on a minor new high. Yesterday was a retracement, but an inside day. The low of the breakout day has now been breached, so I need to sell out of the last of these.
1.34 I've got a trade on in nickel stock Mirabela which is an interesting situation. The stock had a very long sell down as the market was well aware that they needed to raise capital. The raising was largely completed in late September with only the the placement to small shareholders acting as a handbrake because any stock not taken up at the price of 160 could depress the price further as the subunderwriter would be left with this surplus. Mbn was drawn to that 160 price and made what looked like a 5th wave low in early October. A rally, maybe a squeeze, helped it to surge up to 192 and it hasn't returned to the lows. I bought some at 173 as it sold back down and I've added some at 179 today. A couple of analysts think it's artificially low and chartwise, I like the possibility of another spike up as there is no longer the same reason for it to be the short leg in a long/short trade.
The 60 minute chart is also quite promising. The consolidation after the spike to 192 has held above the breakout level around 172.
4.03 Just waiting for the match out and I'm feeling better about my positions now I've cleared out a couple of positions I was uncomfortable with, despite Mre recovering a little to be trading around 80. Kagara Zinc took off about an hour ago, I'm not sure if there's a catalyst, but it has just traded as high as 75, which is through two recent highs. It's salvaged a winning day for me after a loss on Mre. My other positions are generally a tad firmer as well. I sold the last of the Mml earlier at 535.5.
Anyway, here's the amended Kzl chart. At this point, it's going to match at 75.
The market overall has been lacklustre and is only up 8, looking vulnerable to a little more selling tomorrow.
4.11 Ok, the match wasn't that great, cutting the gain to 2 points. Here's a chart of the Xjo on a 30 minute view. It looks ominous in the short term.
No comments:
Post a Comment