I probably made a mistake last week, selling AGI too early as it didn't really showed any clear sign of reversal, missing 4.34% off that trade. Not following the trading plan is really bad.
I was expecting the market to make a correction last Friday. And I was right at the first 30 minutes of the session. However I was proven wrong after that as the market moved up into the positive territory, closing up by 33.21 points.
I am hoping to take profitable positions this week, looking for 20-30% gain for two weeks this time around. I am going to increase my holding time up to two weeks this time until a clear reversal surfaces. I would also try to figure out how I would sell my accumulated position through pyramiding.
I am exceptionally keen on taking positions in AGI, MEG, MPI, RFM, and LPZ. AGI and LPZ are both trading below book value. Hopefully they retrace back to my entry points this week. RCB also looks nice as it is still trading below book value although daily volume turnover is a matter of concern. I will still be holding my small position in FLI as it is still trading below book value too.
Market should be correcting by mid week as the overall market is generally overbought already.
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