I see red
Day 6 - Friday
Total Account Value: $5765
Available Equity: $4278
Positions Opened: 2
Positions Closed: 2
The proceedings of yesterday had forced me into damage control, leaving me in a vulnerable situation. While five positions remained open at the close there was little guarantee that these would reap rewards immediately. Of the newly opened positions, I had aimed for a two to three day time frame and the trade sizes were relatively small. The plan for today was to step back a bit and wait for clear, obvious, and safe opportunities to arise.
As the market opened I saw a sea of red. The ASX200 was down and most of my watchlist was feeling the negative effects. Surprisingly, there was considerably less initial action this morning and I could feel it was going to be one of those days. A tentative market was not what I needed to make my recovery.
Still, a few of my current stocks shone above the pack, making my account balance look quite promising. CML has clearly broken above long-term resistance now, making me glad that I backed myself to try again after two straight losses. It has been suggested that this is due to the approaching ex dividend date, which makes quite a lot of sense. This is definitely something I should start paying attention to from now on.
CML's bucking of the trend by heading north on a bearish day fills me with confidence. Stocks that perform in this way are being supported by the masses and show good underlying strength. Despite the price slightly tailing away towards the close I was keen to keep it in my pocket.
PMN disappointed by descending below my adjusted stop loss level and ending a week long trade 1 cent below the purchase price. It quickly rose again and may yet continue to do so but I haven't been impressed with the stocks inability to make consistent gains when the signs are good. It's times like these when you wish you could go back in time and sell when the profit was looking sizeable.
The week's cold weather snap has frozen my extremities as my dad insists on keeping the central heating below comfortable room temperature. I think this has also numbed my brain as I have been spending more time away from the computer. It's OK though, because I admit I can be occasionally susceptible to "white line fever" and overplay certain situations. MBL formed a hanging man yesterday above its upper Bollinger Band. But I was patient enough today to wait for a reliable sell signal to enter my first short position since Wednesday. I have yet to gain from this but a second red hanging man has developed and the stock is now well and truly overbought, which means statistically MBL will surely bear fruit for me next week.
As the week came to an end and the ASX200 recovered to its opening price, my account balance dwindled below $5800 in a last minute plunge. For some reason this phenomenon has been occuring quite regularly so far, but I feel that trying to counter this may be overanalysing. Whatever the case my be, I am now poised to strike.
Total Account Value: $5765
Available Equity: $4278
Positions Opened: 2
Positions Closed: 2
The proceedings of yesterday had forced me into damage control, leaving me in a vulnerable situation. While five positions remained open at the close there was little guarantee that these would reap rewards immediately. Of the newly opened positions, I had aimed for a two to three day time frame and the trade sizes were relatively small. The plan for today was to step back a bit and wait for clear, obvious, and safe opportunities to arise.
As the market opened I saw a sea of red. The ASX200 was down and most of my watchlist was feeling the negative effects. Surprisingly, there was considerably less initial action this morning and I could feel it was going to be one of those days. A tentative market was not what I needed to make my recovery.
Still, a few of my current stocks shone above the pack, making my account balance look quite promising. CML has clearly broken above long-term resistance now, making me glad that I backed myself to try again after two straight losses. It has been suggested that this is due to the approaching ex dividend date, which makes quite a lot of sense. This is definitely something I should start paying attention to from now on.
CML's bucking of the trend by heading north on a bearish day fills me with confidence. Stocks that perform in this way are being supported by the masses and show good underlying strength. Despite the price slightly tailing away towards the close I was keen to keep it in my pocket.
PMN disappointed by descending below my adjusted stop loss level and ending a week long trade 1 cent below the purchase price. It quickly rose again and may yet continue to do so but I haven't been impressed with the stocks inability to make consistent gains when the signs are good. It's times like these when you wish you could go back in time and sell when the profit was looking sizeable.
The week's cold weather snap has frozen my extremities as my dad insists on keeping the central heating below comfortable room temperature. I think this has also numbed my brain as I have been spending more time away from the computer. It's OK though, because I admit I can be occasionally susceptible to "white line fever" and overplay certain situations. MBL formed a hanging man yesterday above its upper Bollinger Band. But I was patient enough today to wait for a reliable sell signal to enter my first short position since Wednesday. I have yet to gain from this but a second red hanging man has developed and the stock is now well and truly overbought, which means statistically MBL will surely bear fruit for me next week.
As the week came to an end and the ASX200 recovered to its opening price, my account balance dwindled below $5800 in a last minute plunge. For some reason this phenomenon has been occuring quite regularly so far, but I feel that trying to counter this may be overanalysing. Whatever the case my be, I am now poised to strike.
posted by Trader Andy at 6:43 am
RSS Feed
0 Comments:
Post a Comment
<< Home