The day that I've been waiting for has come! A strong Friday close, volume above 20-day average, a breakout of short term resistance, a short cover signal based on ATR, a Livermore market key buy signal. There's no sure thing in the market but I've placed my bet! Simply cut if signal is wrong. Risking 2.50 on this trade.
So... I have more time to monitor Ms. Market now that I'm on a different timezone. Office work by day. Trader by night. My February though is just about breakeven so I'm still down YTD. Only holding three: AEV, MAB, MWIDE. Good luck traders.
Christina, enjoy the milk teas and dimsums! Go to Delicious Restaurant, their pork rib veggie rice is the best. :) Look oh! Yumm!
Sorry, I haven't posted anything starting Tuesday last week. We all know Mark hasn't been that cooperative lately, discouraging even. I tried to trade last week using only small positions. I tried everything I can! There even came a point where I held seven stocks as an experiment. They all had different chart setups. I was only able to get out with little profit in LR. Haha! I sold at the high! Ha! HA!! In your face!! (Please, let me have this one.) The rest can be summed up in two words. EPIC FAIL! I've learned my lesson. No more trading for me this week. I'll also be going on a vacation Friday night. I don't want to do anything that could spoil my vacation mood. :) Having said this, it shouldn't come as a surprise to you when I say I didn't monitor the market today. I had the ticker on, yes, but I wasn't watching it. Had it not been for another trader, I wouldn't have noticed 118 sell MER down to as low as 220! Seems like an error since he started buying back higher. Instant profits for those who were able to get at 220! Wooot! Funny, this morning, I was just typing somewhere, "Amuse me" because I was so bored already then the 118 error happened. Oops! :P Be careful what you wish for, indeed.
I was hoping for a bloodier Valentine's but I guess we're all kind of tired, noh? Anyway, I only played with one stock today and I think it's pretty appropriate. :)) Every time my friends and I play with this stock, we always say, "LumalaNDi ka nanaman". Well, ordinarily, I wouldn't dare buy LND at current levels. Why? Because all I'd ever hope for in this kind of chart setup is a dead cat bounce. I want something that is trending! Then I got to thinking, what trending? In this kind of market, trending prices are a myth! So, my trading system hasn't been that effective recently since I am a buy high and sell higher kind of trader. So, I decided to do something different this time. I sort of bottomed picked LND. When I saw CYBR bottoming out, I thought, LND looked ripe for a bounce.
See the trading range I drew? I entered on breakout. I wanted to buy at 1.95 but I wasn't given any so I took that as a bullish sign and I bid it up. I was rather pleased when someone followed. My lowest cost was at 1.96, highest of 2. I was only supposed to buy at 1.99 but I was in such a hurry that I accidentally ate up the postings at 2. I day traded 60% of my total holdings. Sold at 2.02 and 2.03. I have two more postings at 2.04 and 2.06. Ooooh, day trade! Another thing I don't ordinarily do. Well, I have to adjust. I'm taking my 5 cent gain. I don't care. Here's to tea money!
I had another schizo moment this morning. I doubted my holding period...again. Intraday chart of SMC gave me a sell signal upon break of 185. But guess what I said? "No...I'll hold this for a few more days." Then it threatened my breakeven buying cost of 184. SELL!! I guess I'm still a bit traumatized with the market so I'm exercising a tight stop loss rule...too tight, even. :P Daily chart still looks bullish though. I think I was a bit hasty on this one. I shouldn't have left Miguel at the first sign of trouble. Sorry, dear! :P Don't hate the player. Hate the game! :)) I think I will swallow my pride and buy back...Perhaps a flag is forming again before convincingly breaking out about 189? ;)
Anyway, I think it's official. I'm back! I am starting to remember how to play the game. I had three stocks on my watch list today: AGI, PNX, and ELI. I bought them all. Haha! My eye candy for the day was AGI. I noticed the very bullish daily chart yesterday but since it has yet to come out of a consolidation, I don't expect a radical move on AGI yet. In the very short-term though, it broke out with a new support at 11.98. I will be mindful of resistances at 12.30, 12.80 and 13.12. After 13.12, we're waving at a new all time "HI".
ELI was an intraday stock pick. I wasn't even considering it yesterday when I was doing my everyday review of the charts. It was strong; It has a very bullish daily chart (seeing that it bounced off its support at 0.69); and I was lucky enough to be given shares at 0.71. See, yesterday was bearish. The mere fact that it moved against my expectations is very bullish for me. I didn't load up but I had to act on my way of thinking. That's my system. I should bet on it. And I did.
I already have PNX but I averaged up today. I don't have a lot though but I am more and more convinced now that it is behaving bullishly. I love the fact that it has 220's support. They were the ones who made my pet gap up to open at 14.20 and close it at 14.40.
Forgive my super excited and girly title but this is what I really felt this morning, thanks to Miguel. You must be wondering. Who the hell is Miguel? Well, who else? San Miguel Corp! Given the weakness in the market, it really is so hard to 'love' anything these days. As I've also mentioned before, my trading volume and frequency has dramatically declined during the past few days/weeks. Yesterday though, I promised to be a bit more courageous. And I did today! I took the (calculated) risk! When I saw SMC was bid up to as high as 184.60, I knew this was my stock for the day. Of course, I didn't buy there—well, not yet, at least. I waited for a correction and when it bounced, I bought! It gave me a hard time first. Pakipot yan eh. I bought at 183.5 and 183. Instead of continuing further up, it consolidated for a long while. It even attempted to break its intraday support at 182.5. It was never convincing so I held my ground. It was 11am and I know either a continuation or a reversal should occur around 11am to 11.30 am. Well, nothing was happening! I even slept for a while. That was around 11.10am. I woke up at 11.30am when I got a screaming buy signal from Miguel. ;)
I haven't exited the trade but it feels good when price goes up after you've bought. For me, that usually indicates that I did something right. I haven't received that kind of feedback from the market in a while, so you can imagine my excitement. I think I'm off to a good start. :) I hope Mark doesn't spoil my good mood tomorrow. Hahaha!
Anyway, this morning, APC is in my bottom picking watchlist so I bought a minute position at .76 and .77. I don't like its move today but I decided to give it a little more time. I also can't help but feel so bullish on PNX so when I saw 220 trying to close it at 14, I posted a buy at 13.80. When my buying was matched, I was like, uh-oh! Tama ba tong ginagawa ko? :)) Then somebody even sold it down to as low as 13.70! It would seem like resistance is holding in this case. That's why I love 220 for closing PNX at 14. ;) I have a fighting chance!
Do I see a bounce in APC coming?
Target: 0.82, 0.87
The weakness in the BEL group is a bit of a concern though. But let's let the chart speak for itself. Just note that ELI is really stronger since the retracement is relatively shallower. Plus, when ELI breached a new high, it went farther from its previous high... :P
Well, actually, didn't get to write that letter at all, if you know what I mean. :P Like I said the other day, my market feel isn't working that well. I can't seem to feel the market, maybe because it's sick and I'm unwilling to catch a cold with it. So, I didn't notice ELI until it went zoom zoom! I also didn't have my intraday charts today. This has been going on for a few days now and it's contributing to my crippled feeling. Anyway, I used a lousy substitute (intraday line graph...headache!) and saw that after ELI spiked to as high as 0.71, it had been consolidating within a narrow range, that is, 0.69 to 0.70. Here I go again. I posted at 0.69 and when it looked like I was gonna be given some shares already, I chickened out and cancelled my posting. I seriously still have no faith that any support will hold. So, I did nothing again today.
I'm still trying to get my groove back. It's already the second week of February and I've had, what, three trades? I'm not saying that trading with little frequency is bad. It's just that, this isn't me. I'm slowly waking up though! I've got several charts I like. I'll try to be a little bit more courageous this time. We can't let the fear of striking out ever keep us from playing the game, right? XD
Can this be the final push to 3,750? It seems like the previous all time high of 3,896 is now acting as a resistance. If this resistance holds, then we are going to witness another bear flag. This time, it will be a stronger one. Why? Notice the past few bounces. Last November to December, the index was still able to climb back to its previous high. Starting January, however, the rallies are becoming shallower and shallower. This tells me downward momentum is coming upon break of the recent low. This should bring the index to 3,750 or lower. I am ready for a break below 3,750. If the market experienced accelerations of uptrends before, I believe the market can also experience an acceleration of the downtrend. >:) I'm preparing for the worst.
I was in hiding today. I did my best to avoid trading to the point that I hid in the pantry just to avoid the temptation of buying something. For some reason, I don't feel like trading; I can't feel the market. I've recently had my confidence beaten up too with the string of losses I've incurred. I don't want my profits to vanish so I decided I needed a break to restrategize. So, that was yesterday and for most of today. I couldn't help it today though. I bought some CYBR and a board lot of PNX at the close. Hahaha! I didn't intend to just buy a board lot, of course. But that was the only thing I got. Anyway, I was already eying CYBR earlier. The charts were telling me that CYBR was already trying to bottom out but is pending confirmation. Ideal entry price was at 1.17. I had a posting at 1.18, modified it to 1.17 before deciding to just cancel it. I fled to the pantry after this. :)) When I came back, support at 1.17 held and prices seemed to be going back up. I was scared to buy up so I just kept on posting. By the close, I still had no shares. I modified my postings and bought a small position at 1.22.
I think I'm finished with my hibernating. When I bought, I felt kind of ready to get back into the game. It's time to make a living! But, let's take it slow. :)) Baby steps.
I learned my lesson yesterday. I "itch" traded TA. You can offer me your condolences. Haha! So, even though today was a very tempting day to trade, I stuck by the plan to not trade and hugged Rocketeer, instead. My current trading strategy is no longer working. So, until I know what to do, I shall keep still.
Oh it was a very hard month for me. I worked almost 12-14 hours a day and can't focus on my portfolio. So what I did was to change my strategy and do trades only at the open/close. What's worse is that most of my orders are done through my phone browser during useless meetings! Anyway, I am -3.45% this month. -4.2% since Friday. Of course, I only have to blame myself.
As I analyzed my closed positions, the most expensive one is SMB and LR. Other costly trades are squared positions. All these mistakes cost me a hefty 2.5%!
This tuition fee taught me only one thing... quit work. hehehe! >:) But seriously, I think I did pretty well following strict rules. I think it has something to do with money management.
My portfolio today consists of the following. Still letting their profits run and just waiting for my stops to be triggered. LND 7%, NIKL 22%, PNX 7%, FOOD 6%, MAB 9%
Hey Christina, congrats on your crazzzyy performance :) You know what to do when we meet! :p