Looking at the charts, the index seems to be half way through consolidation, just in time for the third quarter company reports.
AGI seems like its about to resume its uptrend already, but momentum and rate of change are still pointing down so it might still decline tomorrow. However, if it does starts to advance again, tomorrow would be the earliest and early next week would be the worst.
AP bounced off today from support closing by 1.56% higher yesterday. Momentum and rate of change are pointing up already suggesting advances in the short term. Latest candlestick formation also suggests the same. However, I am second guessing my decision as I might have simply saw what I wanted to saw on the charts. Verdict tomorrow!
Looks like I am wrong on assuming buying on breakout on MEG as it opened and closed lower yesterday forming a bearish candlestick. Should the proper play for breakouts is sell the first breakout and buy the second one? 2.40 level is looking to be the next support.
DMC seemed to consolidate further yesterday as it is also being pointed out by momentum diverging from rate of change.
PX recovered today and bounced off its next immediate support at 12.90. However, I am still doubting the candlestick that it formed yesterday as I am unsure if it is a on-neck pattern or a hammer pattern. Only one way to find out, watch its price movement until the end of the week!
I am betting on two to three days consolidation in AT following its advance yesterday, basing it from its previous behavior. Let's see how it'd go.
ORE is one interesting issue. Die hard fans of this stock are jumping out of joy yesterday as it was one of the most active stocks with 3.98% gain. However, is this a reason to be jumping for joy?
Technically speaking, momentum and rate of change are relatively the same with its previous peaks suggesting price decline in the short term. But knowing that it is a jockeyed stock, I hardly doubt that my analysis would be right.
Anyway, I would be try to post a chart of this one since I profited around 30% from ORE before within two weeks.
AGI is sitting on 2.5% net paper loss (commission/tax).
Break-even at 11.15.
Six trading days.
AP is sitting on 0.46% net loss.
Two trading days.
*Sell on the first breakout (of range) and then buy the second break out.
Not all the time, Sam. I think you just have to assess general market conditions. What is the current trend? Sideways to up. It's a rather choppy market. Instead of breakouts, why not try to catch first day bounces?
ReplyDeleteWhen I say first day bounces, I mean stocks that are currently at their lows but are showing signs of bottoming out or drying out. Let's use MEG as an example. MEG's first day bounce was last October 1 and 13. :P
ReplyDeleteJust a suggestion. :) I don't always buy on breakout kasi.
Yep it did! But MEG was still profitable if you bought it when it broke out of its symmetrical triangle formation.
ReplyDeleteGeneral idea when anticipating breakouts are buy on anticipation, buy on break out and buy on pullbacks, right?
I'm trying to figure out how to trade breakouts(PNB) hehe
Yeah, it would have been. Of course, it's trickier now since it's around its previous high already.
ReplyDeleteHahahah! PNB? Do you already buy earlier on in anticipation of a breakout? Haha! I heard they were trying to shake someone out thats why it consolidated for so long. Anyway, it looks like it is itching to breakout. :)
*did :)
ReplyDeleteEureka! :))
ReplyDelete