The market finally started to correct today as it closed 4 points lower from yesterday's session at 3968. I'm expecting the market to decline further for another two days minimum (but it could extend to five days) before heading back up again.
GMAP closed 3.87% lower from yesterday's closing, leaving me with -8.26% net. The gap at 7.45-7.48 was closed today. If price continues to hold at this level, I am convinced that this decline is simply a healthy correction. However, if it continues to drop, I am ready to cut loss. This one currently belongs to my expensive mistakes whenever I decide to do something stupid.
MEG continued to advance today closing at 2.33. Latest candlestick looks very ugly though. 2.23 should provide a good re-entry once it corrects. I am also expecting it to correct for another day or two before heading back up again.
If GMAP doesn't move up and continues to consolidate once it established a support, I will still cut loss and add up my position in MEG. GMAP has time to move up until MEG corrects.
AT and FGEN are the best performers today as they gained 13.26% and 13.06% respectively with exceptional volume.
20% per trade in a bull run seems like a piece of cake. Trade execution is probably my current problem.
I think I would be sitting through the entire second month with my current positions as the commission is killing me. I'll try to swing trades once I open an account with Citisec.
Month 2 Day 2
Sitting on a 8.26% paper loss with GMAP and 3% commission loss with MEG.
Way to start my second month!
Trading plan: Sit tight and get ready to cut the losses!
*Candlesticks that opens below the middle bollinger band and closes outside the upper band suggests peak in the immediate future.
*Tweezers seems to be more reliable when they are in the middle of the trend.
