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| Hell YEAH (Take 2) |
When I woke up this morning, I had a pretty good feeling about the market. When I saw the closing prices of the major US indices, something just came over me and I regained my initial positive view. I guess with the market being down for so many days now, my Reason argued that we've had enough panic and the mixed US closings was encouraging enough for the bulls. On my way to work, I was already thinking of my new game plan.
Well, I bought AGI and MPI the other day right? I forgot to mention, I sold them yesterday. Haha! The chart setup I found in AGI and MPI was prone to whipsaws. I can attest to that. So, obviously, that game plan was flawed. This kind of setup is what I usually look for but I'm not so comfortable with the market right now that my holding period has shortened once again. You usually need more patience in trading this kind of setup and patience is something I don't have now given my uncertainty with the market.
Anyway, yesterday, I visited my trader friends downstairs. I had to show Trader M how to get daily data even before PSE releases the official Quotation Report. So, we were all talking about our trades and my TA mentor, Trader M, sort of reminded me of the kind of chart setup I'm supposed to look for by "stock"dropping. I gave that some thought and realized, this is the time when the strongest stocks are most obvious. How? Because they're the only ones trading near their highs! As I reviewed the charts, I took note of the issues that seemed "NR" to the market's recent decline.
This is the list I came up with:
1. HLCM
2. SMC
3. AEV
4. SECB / ORE
Notice something. All the issues I listed above are on their all time highs. No resistance! :P Anyway, I am most bullish on the first three. I bought them today. Oh, there's another stock on my watchlist but I didn't include in that list. It's ACR. I just took note of its range (1.38 to 1.44). When I saw it trading at 1.46. I lined up at 1.45. Luckily, my order was matched.
Aside from looking for different chart setups, I also decided to make my position sizing smaller. The market may have bounced today but we're not yet out of the woods. Given the steep decline, I think the psychology of the market is to sell on rally. Additionally, when people get to buy low, they sell high. This is the reason why I like all time high fliers. You can't buy it low, so you buy high and try to sell higher! Plus, no one is "ipit" in these kinds of stocks. :)
7 comments:
welcome to ACR :)) i bought more today!
/wahaha
HAHAHAHHA!!! I love the emoticon!! ako rin!!!
/nobigdeal
Hello Christinahunt,
I'm looking for some ways on how to get historical data on stock prices. PSE website only displays the most recent 30 days. I've read that some people use PSE Get, however, it's only for the Windows system. I hope you know some other ways (websites?) that provide such information. Historical data on DJIA, S&P500, PSEi would be OK too. :)
Regards,
ScIoN
Hey ScIoN! I have PSEi historical data. I can send it to you. What's your email? You can get DJIA and S&P data on Yahoo!Finance. Export it to excel then modify. I'll email you a sample. Copy the format nalang. Then save as CSV. What charting software do you use?
/hmm
very very good. so when are you treating us army navy? :p
/please
Hi Christina,
How do you get PSE data without the Quotation Report? Is it only for brokers who has access to PAM?
BTW, ScIoN, you can check out www.freestockcharts.com for the DJIA and S&P. They load charts with historical data. You can save your line studies to boot. But you have to sign up. It's free.
Harley, what's that, what's that?! Hahaha!
Jun, PAM allows me to get daily data after trading. You'd need to have access to PAM to get the data. Hehe. I don't get data for the indices here though. Just stock prices.
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