Asian markets closed in the red zone today and European markets are still trading in the red zone as of this writing. US Futures are also in the red. I wonder how the market will react tomorrow as we still ended up green with 29 points after ALI went back to its normal pricing that sent the market 50 points lower earlier in the session.
Still no trades for today, still waiting for entry points. However, I looked for rotational plays today when my primary trades goes for corrections and I found two possible trades. I will try to study their behavior for the mean time.
BDO continued to trend up for 10 days straight now, gaining 15.80%. I'm surprised by its movement though as I was not expecting it to trend continuously. It might reach 60-62 before correcting back. I am expecting it to consolidate when it corrects.
One-trading day left for the first month of my new trading system.
Wednesday, September 8, 2010
DMCI Holdings (DMC)
Trading Plan
Entry: 23.37 - 22.90 - 22.42
Target: 26.42 - 27.37
Cut loss: 21.84
Gap up at 22 suggests immediate support, pointing at 25.15 as target.
Currently trading at all time high.
Entry: 23.37 - 22.90 - 22.42
Target: 26.42 - 27.37
Cut loss: 21.84
Gap up at 22 suggests immediate support, pointing at 25.15 as target.
Currently trading at all time high.
Metro Pacific Investmenst Corp. (MPI)
Trading plan
Entry: 3.55 - 3.50 - 3.43
Target: 3.94 - 4.06
Cut loss: 3.36
Gap up at 3.62 has been filled. The gap up at this level is possibly an exhaustion gap before correcting.
Gap up at 3.40 suggests immediate support, pointing at 3.82 as target.
Major resistance at 3.80.
Entry: 3.55 - 3.50 - 3.43
Target: 3.94 - 4.06
Cut loss: 3.36
Gap up at 3.62 has been filled. The gap up at this level is possibly an exhaustion gap before correcting.
Gap up at 3.40 suggests immediate support, pointing at 3.82 as target.
Major resistance at 3.80.
GMA Holdings (GMAP)
Initial trading plan
Entry: 6.65 - 7
1% Bounce from entry: 6.71 - 7.07
Break-even: 7.20
Psychological resistance: 7.70 - 8.10
Major resistance: 8.60
Cut loss: 6.40 - 6.76
New trading plan
Entry: 7.30 - 7.08 - 6.93 - 6.76
Target: 8.11 - 8.43
Cut loss: 6.56
Formed a tweezer bottom suggesting an immediate support at 7.30 in the short term.
Gap up support at 6.65, pointing at 8.30 as target.
Entry: 6.65 - 7
1% Bounce from entry: 6.71 - 7.07
Break-even: 7.20
Psychological resistance: 7.70 - 8.10
Major resistance: 8.60
Cut loss: 6.40 - 6.76
New trading plan
Entry: 7.30 - 7.08 - 6.93 - 6.76
Target: 8.11 - 8.43
Cut loss: 6.56
Formed a tweezer bottom suggesting an immediate support at 7.30 in the short term.
Gap up support at 6.65, pointing at 8.30 as target.
Alliance Global Group Inc. (AGI)
Trading Plan
Minor Trend - Short term
Entry points : 7.12 - 6.97 - 6.81
Target: 8.16 - 8.48
Cut loss: 6.65
Intermediate Trend - Medium term
Entry points: 7.06 - 6.88 - 6.70
Target: 8.23 - 8.59
Cut loss: 6.48
Major Trend - Long term
Entry points: 6.79 - 6.52 - 6.25
Target: 8.50 - 9.04
Cut loss: 5.93
Formed a tweezer top suggesting short-term peak.
Gap support at 6.87, pointing at 7.79 as target.
Caveat.
Minor Trend - Short term
Entry points : 7.12 - 6.97 - 6.81
Target: 8.16 - 8.48
Cut loss: 6.65
Intermediate Trend - Medium term
Entry points: 7.06 - 6.88 - 6.70
Target: 8.23 - 8.59
Cut loss: 6.48
Major Trend - Long term
Entry points: 6.79 - 6.52 - 6.25
Target: 8.50 - 9.04
Cut loss: 5.93
Formed a tweezer top suggesting short-term peak.
Gap support at 6.87, pointing at 7.79 as target.
Caveat.
