Market closed 76 points higher today at 4188. Looks like the eleven-day consolidation finished yesterday.
Got whipsawed in MEG terribly as it closed at 2.39 today but you have to follow the plan. /sadface
Current position in DGTL is still lower by 7 centavos in six days. Didn't do much today except to watch the tape the whole time. I'm currently looking to range-trade some stocks if there is a viable trade setup.
I also found out a major flow in my current money management. It seems like I am exposing too much of my trading capital per trade!
Anyway, I am reading inverted charts again to see if the current trends and price movements are still valid.
Monday, October 4, 2010
Hello Monday!
Hello Monday! Looks like we're still poised for further consolidation-correction this week, courtesy of the crazy 500+ point jump this past month, plus no new news to push the prices. Quarterly company reports would be getting out sometime this month so there might be price action when that happens.
JGS is looking good as the IPO of Cebu Pacific is near. I might take a position here. Let's see how it goes tomorrow.
JGS is looking good as the IPO of Cebu Pacific is near. I might take a position here. Let's see how it goes tomorrow.
Thursday, September 30, 2010
Personal Disclosure
Sold MEG and FGEN for a significant loss today and I've pent all my of my gains from last month in three weeks. However, I found out what's wrong with my trades this month and market is not acting up within my expectations so I moved out.
I'll be watching the market for the meantime.
Back to square one. Synchronizing my trading month with actual months. My mind set is not really for medium term so I am going to use a shorter time frame now. No more trades for this week.
I'll be watching the market for the meantime.
Back to square one. Synchronizing my trading month with actual months. My mind set is not really for medium term so I am going to use a shorter time frame now. No more trades for this week.
Food for thought
Looking back at my previous trades these past three weeks or so made me realize that I have been trading very badly as all of them are traded against my trading rules. I found out that I have been forcing money out of the market.
60% of what I gained on my first month, I already gave back to Ms. Market.
Goddammit, this is so frustrating.
Stocks go up in a bull market eventually. But timing and finding the best trades are far better than putting money recklessly.
I need to get out of the market to clear my system!
I wont be updating my trades for the mean time(more likely not on time) as I am keeping records on real paper now but I'll try to post charts from time to time to find good trades.
60% of what I gained on my first month, I already gave back to Ms. Market.
Goddammit, this is so frustrating.
Stocks go up in a bull market eventually. But timing and finding the best trades are far better than putting money recklessly.
I need to get out of the market to clear my system!
I wont be updating my trades for the mean time(more likely not on time) as I am keeping records on real paper now but I'll try to post charts from time to time to find good trades.
Wednesday, September 29, 2010
Personal Disclosure
The market was flat for the entire session before succumbing to further profit taking across the board, closing 13 points lower from yesterday's close at 4111. Top gainers for today are mostly penny stocks, UPM with the most significant volume but the value is still pathetic.
MEG fell to a low of 2.27 before closing at 2.29, lower by 0.43% from yesterday's closing. Rebound should be any time this week as ROC is pointing up although on a weaker momentum. Sell on rally would probably the best thing to do if momentum weakens further.
DGTL fell to a low of 1.59, same as yesterday's low before closing higher by 1.25% at 1.62. The stock formed a bullish harami-tweezer bottom, which is confirmed by ROC pointing up and momentum build up so I am expecting it to advance again in the coming days.
FGEN continued to consolidate in today's session as there are strong selling pressure whenever it reaches 14. ROC is pointing up but momentum seems to weaken so it might consolidate further at best. However, if the resistance at 14 is taken out convincingly, expect it to advance further with next resistance at 16.
Weekly charts of all three are calling for sell at rallies. It might be the best thing to do so I can assess the market better and take better position.
2-centavo paper loss in MEG - 13 trading days
7-centavo paper loss in DGTL - 4 trading days
10-centavo paper loss in FGEN - 3 trading days
I need to re-write my trading plan!
MEG fell to a low of 2.27 before closing at 2.29, lower by 0.43% from yesterday's closing. Rebound should be any time this week as ROC is pointing up although on a weaker momentum. Sell on rally would probably the best thing to do if momentum weakens further.
DGTL fell to a low of 1.59, same as yesterday's low before closing higher by 1.25% at 1.62. The stock formed a bullish harami-tweezer bottom, which is confirmed by ROC pointing up and momentum build up so I am expecting it to advance again in the coming days.
FGEN continued to consolidate in today's session as there are strong selling pressure whenever it reaches 14. ROC is pointing up but momentum seems to weaken so it might consolidate further at best. However, if the resistance at 14 is taken out convincingly, expect it to advance further with next resistance at 16.
Weekly charts of all three are calling for sell at rallies. It might be the best thing to do so I can assess the market better and take better position.
2-centavo paper loss in MEG - 13 trading days
7-centavo paper loss in DGTL - 4 trading days
10-centavo paper loss in FGEN - 3 trading days
I need to re-write my trading plan!
Tuesday, September 28, 2010
Personal Disclosure
The market was down by 18 points during the session before closing 1 point higher at the end of the session. CMT was the only one to advance significantly with high volume. Other significant gainers for today are EDC, AP, GLO and MER.
Could it be that foreign funds are now rotating back into the power sector? CMT is still play and up until now, I don't know what's the story behind its movement. They are under construction-infrastructure sector of the market but I honestly haven't seen any of their projects.
I am disappointed somehow on my performance these previous weeks. Jumping on the mining train too late, FGEN and DGTL(although a little late too) behaving opposite of what I've expected while following my trading plan. Maybe I should sell all positions so I can assess the market better. MEG is my saving grace as it is behaving the way I've expected it to do.
I was expecting FGEN to advance in today's session but it met a strong selling pressure instead and with relatively high volume too. Hopefully the resistance at 14 gets broken this week so it can advance further although I doubt it because foreign funds are net sellers the last seven days including today.
The selling continued today in DGTL plus foreign funds also started selling. The gap it made last Friday is being threatened to be filled tomorrow. Ready to cut. Again.
As I've expected, MEG touched my personal support at 2.26-2.28 but its low for today at 2.25 was 1 centavo lower from my support. Anyway, my personal support defended the said level as MEG closed at 2.30, 1 centavo lower from my entry. It could advance again anytime by now as my technical indicators are pointing. The net foreign selling these past seven days are making me feel uneasy though.
All three stocks looks bad on the weekly chart so I will try to sell all of them in rallies.
The possible reason why I am losing money this previous week is I could be possibly forcing money out of the market.
I've spent 60% of last month's gain already trying to figure out this market.
Could it be that foreign funds are now rotating back into the power sector? CMT is still play and up until now, I don't know what's the story behind its movement. They are under construction-infrastructure sector of the market but I honestly haven't seen any of their projects.
I am disappointed somehow on my performance these previous weeks. Jumping on the mining train too late, FGEN and DGTL(although a little late too) behaving opposite of what I've expected while following my trading plan. Maybe I should sell all positions so I can assess the market better. MEG is my saving grace as it is behaving the way I've expected it to do.
I was expecting FGEN to advance in today's session but it met a strong selling pressure instead and with relatively high volume too. Hopefully the resistance at 14 gets broken this week so it can advance further although I doubt it because foreign funds are net sellers the last seven days including today.
The selling continued today in DGTL plus foreign funds also started selling. The gap it made last Friday is being threatened to be filled tomorrow. Ready to cut. Again.
As I've expected, MEG touched my personal support at 2.26-2.28 but its low for today at 2.25 was 1 centavo lower from my support. Anyway, my personal support defended the said level as MEG closed at 2.30, 1 centavo lower from my entry. It could advance again anytime by now as my technical indicators are pointing. The net foreign selling these past seven days are making me feel uneasy though.
All three stocks looks bad on the weekly chart so I will try to sell all of them in rallies.
The possible reason why I am losing money this previous week is I could be possibly forcing money out of the market.
I've spent 60% of last month's gain already trying to figure out this market.
Monday, September 27, 2010
Personal Disclosure
The market stepped on my "Do not step" nerve as it closed 43.96 points higher courtesy of the big bad TEL gaining 1% today while the second liners that I am currently holding turned red at the end of the day. The market has finally closed 3% higher from the 4000-psychological barrier. It would be just a matter of days now to clear the uptrend in the long term.
MEG closed 1 centavo lower from my entry, showing a very strong selling pressure throughout the session which was accompanied by relatively high volume. ROC is still pointing down so my personal support at 2.26 to 2.28 will probably get hit. Weekly chart is suggesting medium term peak so I might sell on rally this week.
DGTL was also sold down the entire session closing 3 centavos lower from my entry at 1.66. This current behavior of this stock is something I can't understand(I still don't understand). A gap up followed which was accompanied with exceptional volume was immediately followed by a strong selling pressure with volume that was half of the previous session? Anyway, I am expecting the support from Friday's gap at 1.61 holds. Otherwise I would be cutting here again. Judging from other stock behavior, consolidation in the short term is also possible.
Bought FGEN at 13.86 today from the proceeds of MA which I also sold at a loss today. It is currently resting at the resistance but with the ROC pointing up and the volume traded today, it would be safe to assume that it will be broken this week with a target of 14.90 in the short term. It closed today at 13.88 with two centavo gain.
2 losing trades out of 5 trades in two weeks. The 3 remaining positions are relatively unchanged.
MEG - eleven days.
DGTL - two days.
FGEN - one day.
Maybe I shouldn't be pushing my patience by holding long onto my current positions. Previous holding time are showing better performance as they showed gains instead of unchanged position/losses.
Do I need to sell all of my current holdings to make a better assessment of the general market condition? Currently no mentor for this kind of market condition.
MEG closed 1 centavo lower from my entry, showing a very strong selling pressure throughout the session which was accompanied by relatively high volume. ROC is still pointing down so my personal support at 2.26 to 2.28 will probably get hit. Weekly chart is suggesting medium term peak so I might sell on rally this week.
DGTL was also sold down the entire session closing 3 centavos lower from my entry at 1.66. This current behavior of this stock is something I can't understand(I still don't understand). A gap up followed which was accompanied with exceptional volume was immediately followed by a strong selling pressure with volume that was half of the previous session? Anyway, I am expecting the support from Friday's gap at 1.61 holds. Otherwise I would be cutting here again. Judging from other stock behavior, consolidation in the short term is also possible.
Bought FGEN at 13.86 today from the proceeds of MA which I also sold at a loss today. It is currently resting at the resistance but with the ROC pointing up and the volume traded today, it would be safe to assume that it will be broken this week with a target of 14.90 in the short term. It closed today at 13.88 with two centavo gain.
2 losing trades out of 5 trades in two weeks. The 3 remaining positions are relatively unchanged.
MEG - eleven days.
DGTL - two days.
FGEN - one day.
Maybe I shouldn't be pushing my patience by holding long onto my current positions. Previous holding time are showing better performance as they showed gains instead of unchanged position/losses.
Do I need to sell all of my current holdings to make a better assessment of the general market condition? Currently no mentor for this kind of market condition.
Sunday, September 26, 2010
DIGITAL TEL. PHILIPPINES, INC. (DGTL)
1 Year Daily Chart
Monthly, weekly and daily trends are up. Volume follows price movements (increases as price advances and decreases in price declines) so it is safe to assume the recent uptrend is healthy.
There is a reversed head and shoulder pattern that is visible in the monthly, weekly and daily charts, with the neckline at 1.64.
Broken neckline of reversed head and shoulder target: 2.33
Short term target: 1.85 (gap up target)
Support: 1.61
Major resistance: 2 - 2.44.
Monthly, weekly and daily trends are up. Volume follows price movements (increases as price advances and decreases in price declines) so it is safe to assume the recent uptrend is healthy.
There is a reversed head and shoulder pattern that is visible in the monthly, weekly and daily charts, with the neckline at 1.64.
Broken neckline of reversed head and shoulder target: 2.33
Short term target: 1.85 (gap up target)
Support: 1.61
Major resistance: 2 - 2.44.
Alsons Consolidated Resources (ACR)
Monthly Chart
Monthly trend is up as pointed by MACD above zero line and 10-MA is above 50-MA. MACD histogram is suggesting that the trend has just began.
A rising method candlestick pattern showed in the monthly charts suggesting further price advances in the intermediate term.
Weekly Chart
Broke out of downtrend early this month that started November last year. Recent up trend is confirmed by the crossing of the MACD line over the zero line. However, the 10-MA is still below the 50-MA.
Latest candlestick formation is a bullish belt hold which supports the idea of further price advance in the intermediate term.
Daily Chart
Daily trend is also up but recent doji candlestick formation suggests short term peak.
SUMMARY
Monthly and weekly charts are suggesting price advances in the intermediate term so declines in the daily charts should merit a buy. However, it would be better to wait for the price to bounce back before taking in a new position.
If the price consolidates in the current levels, price advancing to 1.35 would merit a buy.
Price advances are accompanied by increase in volume so it would be safe to assume that the recent uptrend is healthy.
Support: 1.21
Resistance:1.60; if broken
Target: 2.50
Monthly trend is up as pointed by MACD above zero line and 10-MA is above 50-MA. MACD histogram is suggesting that the trend has just began.
A rising method candlestick pattern showed in the monthly charts suggesting further price advances in the intermediate term.
Weekly Chart
Broke out of downtrend early this month that started November last year. Recent up trend is confirmed by the crossing of the MACD line over the zero line. However, the 10-MA is still below the 50-MA.
Latest candlestick formation is a bullish belt hold which supports the idea of further price advance in the intermediate term.
Daily Chart
Daily trend is also up but recent doji candlestick formation suggests short term peak.
SUMMARY
Monthly and weekly charts are suggesting price advances in the intermediate term so declines in the daily charts should merit a buy. However, it would be better to wait for the price to bounce back before taking in a new position.
If the price consolidates in the current levels, price advancing to 1.35 would merit a buy.
Price advances are accompanied by increase in volume so it would be safe to assume that the recent uptrend is healthy.
Support: 1.21
Resistance:1.60; if broken
Target: 2.50
Friday, September 24, 2010
Personal Disclosure
The market today ended relatively flat as it closed only by 11.44 points higher from yesterday' s session.
Today, I bought DGTL at 1.69 but it closed 1 centavo lower at 1.68. I am not bothered with the small loss though as it made a gap up from yesterday's closing with exceptional volume, almost five times of its daily turnover this past week. The PAR-SAR in the weekly charts also pointed this week as a buy. Immediate resistance at 1.76 while the target of the gap today is at 1.89.
I also took a small position in MA at .029 but it closed at .026 so this is another loss for me. I bought both issues too early today but it can't be helped. I think that the last thirty minutes is really the best time to buy.
Hopefully I can get out alive in MA or with a smaller loss. Weekly PAR-SAR just pointed a buy signal last week so it could still advance by next week. The reason I am shaky in playing this issue is I am not familiar with its behavior.
I probably should have bought MEG instead of MA with the remaining funds for swing trading.
MEG gave a buy signal today. It's now 1.71% higher from my break-even point.
I think I can use the lower PAR-SAR line as an indicator where to add up positions if the stock is still trending up strongly.
Sitting on a 12.80% net paper loss in MA on a small position, 1 centavo loss in DGTL and 1.71% net paper gain.
Charts later!
Today, I bought DGTL at 1.69 but it closed 1 centavo lower at 1.68. I am not bothered with the small loss though as it made a gap up from yesterday's closing with exceptional volume, almost five times of its daily turnover this past week. The PAR-SAR in the weekly charts also pointed this week as a buy. Immediate resistance at 1.76 while the target of the gap today is at 1.89.
I also took a small position in MA at .029 but it closed at .026 so this is another loss for me. I bought both issues too early today but it can't be helped. I think that the last thirty minutes is really the best time to buy.
Hopefully I can get out alive in MA or with a smaller loss. Weekly PAR-SAR just pointed a buy signal last week so it could still advance by next week. The reason I am shaky in playing this issue is I am not familiar with its behavior.
I probably should have bought MEG instead of MA with the remaining funds for swing trading.
MEG gave a buy signal today. It's now 1.71% higher from my break-even point.
I think I can use the lower PAR-SAR line as an indicator where to add up positions if the stock is still trending up strongly.
Sitting on a 12.80% net paper loss in MA on a small position, 1 centavo loss in DGTL and 1.71% net paper gain.
Charts later!
Thursday, September 23, 2010
Personal Disclosure
The market hardly moved today, closing up with 13 points higher from yesterday's session at 4067.43. The market could have closed lower today if not for the mining sector.
No trades for me today as I did some personal errands today so I didn't get to chase AT, but it gave a buy signal today. I'll try to buy tomorrow. PX doesn't seem to need chasing as it lost its momentum today.
MEG has finally declined together with my technical indicator, negating its bearish divergence that I thought was bullish. The bands are tightening so I am expecting a break in the near term. Support at 2.29 should hold. Currently formed a tweezer bottom in the middle of the trading range. Let's see how would this one perform.
I am looking for a day-trade/short term play in either ACR or MARC as 50% of my capital is free but I am still looking to average up in my position in MEG and in AT. PAR-SAR just gave out a buy signal in ACR last Tuesday while the buy signal in MARC was from last Friday. I think I can catch up the last upswing tomorrow.
LC/B could also provide a good day trading for tomorrow.
I have also been looking at the monthly charts for possible "long term" trades using PAR-SAR and I found DGTL as a possible candidate. ACR gave its buy signal in the weekly charts late September. PX, LND gave its signal early this month. MA and MARC just gave its buy signal last week. LC/B gave their buy signal in the weekly charts three months early! RFM and SFI has just began sending off buy signal so it might be worth watching in the coming months.
So in the case of LC/B, how early is early and how late is late?
8.28% net loss in seven trading days courtesy of GMAP and 0.86% loss in MEG.
*I am assuming that the height of the ascent during spikes is also the time needed during consolidation. This is would be true, the index would advance again after four more days of consolidation.
No trades for me today as I did some personal errands today so I didn't get to chase AT, but it gave a buy signal today. I'll try to buy tomorrow. PX doesn't seem to need chasing as it lost its momentum today.
MEG has finally declined together with my technical indicator, negating its bearish divergence that I thought was bullish. The bands are tightening so I am expecting a break in the near term. Support at 2.29 should hold. Currently formed a tweezer bottom in the middle of the trading range. Let's see how would this one perform.
I am looking for a day-trade/short term play in either ACR or MARC as 50% of my capital is free but I am still looking to average up in my position in MEG and in AT. PAR-SAR just gave out a buy signal in ACR last Tuesday while the buy signal in MARC was from last Friday. I think I can catch up the last upswing tomorrow.
LC/B could also provide a good day trading for tomorrow.
I have also been looking at the monthly charts for possible "long term" trades using PAR-SAR and I found DGTL as a possible candidate. ACR gave its buy signal in the weekly charts late September. PX, LND gave its signal early this month. MA and MARC just gave its buy signal last week. LC/B gave their buy signal in the weekly charts three months early! RFM and SFI has just began sending off buy signal so it might be worth watching in the coming months.
So in the case of LC/B, how early is early and how late is late?
8.28% net loss in seven trading days courtesy of GMAP and 0.86% loss in MEG.
*I am assuming that the height of the ascent during spikes is also the time needed during consolidation. This is would be true, the index would advance again after four more days of consolidation.
Wednesday, September 22, 2010
Personal Disclosure
The market slid by 69 points during the day before gaining half of it at the end of the session closing at 4054, 34 points lower from yesterday's closing. Our foreign friends are net buyers today compared to their miniscule buying yesterday. The market needs to hold at this level to confirm further uptrend in then near term. However, if it does not, expect the market to drop up to 3872.
Today, I sold GMAP with 8% loss as I did not like its behavior today plus the fact that foreign selling was a little bit obvious. Another reason why I sold it was PX gave off a buy signal today from my technical indicator but I didn't get to buy it because of the lack of available funds. The support at the previous gap up at 14.40 held as the price bounced off from that level today.
AT is also about to give a buy signal from my technical indicator tomorrow. However, the triple screening system has already given a buy signal on both issues.
Both issues also NFB today.
I'm hoping to play catch up on these two tomorrow.
MEG has also a net foreign buying today after they sold it down yesterday. I was wrong to assume its behavior last week as bullish divergence. From the looks of it, it is poised to consolidate further or it might correct in the near term. If it makes a correction, I am expecting 2.39 to provide support. If 2.39 breaks, I am expecting it to decline up to 2.28.
8.28% net loss in seven trading days courtesy of GMAP.
1% net paper gain in seven trading days courtesy of MEG.
*It seems like tweezer formation is a reliable support confirmation rather than pointing out peaks. Or they could be possibly more effective in pointing out peaks in trending issues that shows weakness.
**It seems that a correction to the 23.6% retracement level provides support to stocks that are advancing in an accelerated pacing.
Today, I sold GMAP with 8% loss as I did not like its behavior today plus the fact that foreign selling was a little bit obvious. Another reason why I sold it was PX gave off a buy signal today from my technical indicator but I didn't get to buy it because of the lack of available funds. The support at the previous gap up at 14.40 held as the price bounced off from that level today.
AT is also about to give a buy signal from my technical indicator tomorrow. However, the triple screening system has already given a buy signal on both issues.
Both issues also NFB today.
I'm hoping to play catch up on these two tomorrow.
MEG has also a net foreign buying today after they sold it down yesterday. I was wrong to assume its behavior last week as bullish divergence. From the looks of it, it is poised to consolidate further or it might correct in the near term. If it makes a correction, I am expecting 2.39 to provide support. If 2.39 breaks, I am expecting it to decline up to 2.28.
8.28% net loss in seven trading days courtesy of GMAP.
1% net paper gain in seven trading days courtesy of MEG.
*It seems like tweezer formation is a reliable support confirmation rather than pointing out peaks. Or they could be possibly more effective in pointing out peaks in trending issues that shows weakness.
**It seems that a correction to the 23.6% retracement level provides support to stocks that are advancing in an accelerated pacing.
Tuesday, September 21, 2010
Personal Disclosure
The market today closed positively by 34 points but slightly lower from the day's high as profit taking was seen across the board.
Profit taking by major brokerage houses are seen throughout the session in MEG as it closed 1 centavo lower from yesterday's session, closing at 2.46. Seems like they are distributing now. Support should hold somewhere at 2.30 once it makes a correction. Volume today are much higher than last week's advances. Technical indicators are still pointing down so I will not be surprised if it continue to decline this week.
GMAP closed by 2% higher today as ATR seems to be accumulating, while JPMorgan has been a net seller today. I am contented with the confirmation today so I still held on to my position. Technical indicators are pointing up now so it should advance anytime by now.
PX also met strong selling in today session closing 4.79% lower from yesterday, forming a dark cloud cover. Technical indicators are also pointing down. The support at 14.40 should hold. This could provide a place for fund rotation once I get out of GMAP or MEG, whichever reaches their targets first.
Technical indicators are also declining rapidly in AT. 13.46 should provide some solid ground for support.
Still sitting on a 4.29% net paper gain in MEG while sitting on a much lower net paper loss at 6.51% with GMAP.
Profit taking by major brokerage houses are seen throughout the session in MEG as it closed 1 centavo lower from yesterday's session, closing at 2.46. Seems like they are distributing now. Support should hold somewhere at 2.30 once it makes a correction. Volume today are much higher than last week's advances. Technical indicators are still pointing down so I will not be surprised if it continue to decline this week.
GMAP closed by 2% higher today as ATR seems to be accumulating, while JPMorgan has been a net seller today. I am contented with the confirmation today so I still held on to my position. Technical indicators are pointing up now so it should advance anytime by now.
PX also met strong selling in today session closing 4.79% lower from yesterday, forming a dark cloud cover. Technical indicators are also pointing down. The support at 14.40 should hold. This could provide a place for fund rotation once I get out of GMAP or MEG, whichever reaches their targets first.
Technical indicators are also declining rapidly in AT. 13.46 should provide some solid ground for support.
Still sitting on a 4.29% net paper gain in MEG while sitting on a much lower net paper loss at 6.51% with GMAP.
Monday, September 20, 2010
Personal Disclosure
The index closed 74 points higher at 4053, closing 1% higher from the psychological resistance at 4000. I am confident to say that it will continue to move higher this coming days and it might break the psychological resistance by 3% this week.
PX made a gap earlier but some profit taking pushed the stock slightly lower but continued to move higher by mid session as it buyers started to push the price higher, breaking the the next resistance level at 16 by more than 3%, gaining a total of 16.29% in today's session. The risk in comparison to reward is now too high if you didn't get in the 13-14 levels. Next resistance is at 19.50. Buy on weakness.
EDC did what I expected it to do and I am still expecting it to advance in the next few days.
DGTL seemed to formed a buy signal today while RFM continued to move within consolidation range.
MEG seems to be forming a bullish divergence as my trusted technical indicator is pointing down but the price movement is advancing which is also accompanied by high volume.
GMAP looks like it has formed a bullish harami today so I did not sell yet. If the harami is confirmed tomorrow, I will hold. If not, I will sell.
Currently sitting on a 8.28% net loss courtesy of GMAP and 4% net gain courtesy of MEG.
PX made a gap earlier but some profit taking pushed the stock slightly lower but continued to move higher by mid session as it buyers started to push the price higher, breaking the the next resistance level at 16 by more than 3%, gaining a total of 16.29% in today's session. The risk in comparison to reward is now too high if you didn't get in the 13-14 levels. Next resistance is at 19.50. Buy on weakness.
EDC did what I expected it to do and I am still expecting it to advance in the next few days.
DGTL seemed to formed a buy signal today while RFM continued to move within consolidation range.
MEG seems to be forming a bullish divergence as my trusted technical indicator is pointing down but the price movement is advancing which is also accompanied by high volume.
GMAP looks like it has formed a bullish harami today so I did not sell yet. If the harami is confirmed tomorrow, I will hold. If not, I will sell.
Currently sitting on a 8.28% net loss courtesy of GMAP and 4% net gain courtesy of MEG.
Personal Disclosure
Citiseconline finally went back up last Sunday. Anyway, I finally made some possible trades for this week. Hopefully, funds rotate back now to my side of the fence.
Other stocks worth watching this week are EDC and DGTL.
EDC finally broke its major resistance at 5.60 and it reached its recent high at 5.86 before it was sold down the next day as low as 5.49 before closing up at 5.68. I am more inclined to think that the piercing back below the support is not enough as it only pierced old resistance intraday. The recent candlestick formation also looks bullish enough to warrant a buy. However, the trading range to the next resistance at 6.24 level is too tight for me so I don't think I'll be taking a position here.
DGTL also finally broke out of its recent downtrend which was accompanied by high volume. 10-day MA has also crossed above the 50-day MA. I would try to buy as close to 1.48 as possible.
Another stock that I get asked alot is RFM. I believe that RFM will continue to consolidate in the near term. Breaking 2 with high volume will warrant a buy signal with an immediate target of 2.20. Breaking 2 will also point to 2.85 as a possible target in the intermediate to long term. However, if it still doesn't break 2, I am expecting it to consolidate within the range of 1.80-2.00.
I think I finally found out how PAR-SAR actually works.
I think that's about it for now. Monday, here we go!
Caveat.
Other stocks worth watching this week are EDC and DGTL.
EDC finally broke its major resistance at 5.60 and it reached its recent high at 5.86 before it was sold down the next day as low as 5.49 before closing up at 5.68. I am more inclined to think that the piercing back below the support is not enough as it only pierced old resistance intraday. The recent candlestick formation also looks bullish enough to warrant a buy. However, the trading range to the next resistance at 6.24 level is too tight for me so I don't think I'll be taking a position here.
DGTL also finally broke out of its recent downtrend which was accompanied by high volume. 10-day MA has also crossed above the 50-day MA. I would try to buy as close to 1.48 as possible.
Another stock that I get asked alot is RFM. I believe that RFM will continue to consolidate in the near term. Breaking 2 with high volume will warrant a buy signal with an immediate target of 2.20. Breaking 2 will also point to 2.85 as a possible target in the intermediate to long term. However, if it still doesn't break 2, I am expecting it to consolidate within the range of 1.80-2.00.
I think I finally found out how PAR-SAR actually works.
I think that's about it for now. Monday, here we go!
Caveat.
Philex Mining Corp (PX) Update
10-Year Weekly Chart
MACD is moving towards the zero line but it is still trading beneath the zero line.
DMI reading suggests that the recent trend is still gathering momentum.
10-day moving average is still under the 50-day moving average suggesting downtrend in the intermediate term. Uptrend in the long term is still intact as both moving-averages are trading above the 200-day moving average.
Weekly trend is up.
1-Year Daily Chart
After a year-long down trend, PX finally broke out of it last September 2 with relatively high volume. Breakout points to 14.63 as target, 4.5% away from its recent close at 14 and closing above its 200-day moving average at 13.
It now closed at 14 which is its next psychological resistance after breaking 13. A 1-3% break from it should warrant a buy signal. Breaking out would seem imminent as ROC is still pointing to further advance in the near term.
Major resistance at 16 and 20.
***The stock did reached 13 as I have anticipated before. However, I was expecting it to make a correction before heading back up but in the contrary, it simply consolidated before it started to head back up which I did not look into.
MACD is moving towards the zero line but it is still trading beneath the zero line.
DMI reading suggests that the recent trend is still gathering momentum.
10-day moving average is still under the 50-day moving average suggesting downtrend in the intermediate term. Uptrend in the long term is still intact as both moving-averages are trading above the 200-day moving average.
Weekly trend is up.
1-Year Daily Chart
After a year-long down trend, PX finally broke out of it last September 2 with relatively high volume. Breakout points to 14.63 as target, 4.5% away from its recent close at 14 and closing above its 200-day moving average at 13.
It now closed at 14 which is its next psychological resistance after breaking 13. A 1-3% break from it should warrant a buy signal. Breaking out would seem imminent as ROC is still pointing to further advance in the near term.
Major resistance at 16 and 20.
***The stock did reached 13 as I have anticipated before. However, I was expecting it to make a correction before heading back up but in the contrary, it simply consolidated before it started to head back up which I did not look into.
Sunday, September 19, 2010
Atlas Consolidated Mining (AT)
10-Year Weekly Chart
Atlas broke the neckline of its reversed head and shoulder early last week at 12 which was accompanied by exceptionally high volume, pointing at 22.40 as a possible price target. It is now approaching its major resistance at 17 and only 11.63% away from its recent closing at 14.78.
MACD reading is relatively bullish, and DMI reading is also suggesting that current uptrend is relatively strong.
10-day moving average has finally crossed above the 50-day and 200-day moving average confirming the uptrend.
Weekly trend is up.
1-Year Daily Chart
Rate of Change is still pointing up suggesting further advance in the near term.
DMI reading suggests the current trend is relatively strong. Recent new highs are accompanied by heavy volume, confirming the validity of uptrend.
Technical indicators are suggesting that the price is relatively at the peak already in the short term, giving a relatively high risk-low reward if one is to take a position at the current price. However, pullbacks would provide good buying opportunities.
A pullback to 14.42 should provide good entry.
Daily trend is up.
To provide a different point of view:
10-Year Weekly Chart flipped upside-down
Breakdown? Assuming shorting is allowed in our market, will you short this stock with this setup?
Caveat.
Atlas broke the neckline of its reversed head and shoulder early last week at 12 which was accompanied by exceptionally high volume, pointing at 22.40 as a possible price target. It is now approaching its major resistance at 17 and only 11.63% away from its recent closing at 14.78.
MACD reading is relatively bullish, and DMI reading is also suggesting that current uptrend is relatively strong.
10-day moving average has finally crossed above the 50-day and 200-day moving average confirming the uptrend.
Weekly trend is up.
1-Year Daily Chart
Rate of Change is still pointing up suggesting further advance in the near term.
DMI reading suggests the current trend is relatively strong. Recent new highs are accompanied by heavy volume, confirming the validity of uptrend.
Technical indicators are suggesting that the price is relatively at the peak already in the short term, giving a relatively high risk-low reward if one is to take a position at the current price. However, pullbacks would provide good buying opportunities.
A pullback to 14.42 should provide good entry.
Daily trend is up.
To provide a different point of view:
10-Year Weekly Chart flipped upside-down
Breakdown? Assuming shorting is allowed in our market, will you short this stock with this setup?
Caveat.
Rage quit!
Citiseconline is down until now so I can't do anything this weekend. Hopefully they go back up before Monday so I can make plans for next week.
Friday, September 17, 2010
Personal Disclosure
The market today closed by 26 points lower from the 4000 level, closing at 3979. It was basically correction time for most stocks today.
GMAP is still holding up at 7.35 with so much volume traded today courtesy of the big block sales by certain brokerage houses. Are they accumulating or distributing? The verdict is on Monday and I am ready to cut!
MEG seems to be encountering strong resistance at 2.40 slightly breaking above it but not enough as the penetration is less than 3% therefore I am expecting it to correct early next week or it will consolidate for the mean time.
I was right that there would be immediate resistance at 13 but I did not expect it to consolidate instead of making a correction. Anyway, it moved up today, slightly penetrating the next resistance at 14 but not enough to merit a buy. I'll observe how this one will go by Monday.
AT also broke its resistance at 14 by more than 3% today. I saw a buy signal yesterday but I did not took it.
I think PX has better risk-reward in comparison with AT so I am more inclined to buy PX instead of AT. I'll see how both go on Monday.
Which one is the faster horse? GMAP is one sick horse for sure.
Month 2 Day 5
Sitting on a 8.90% net paper loss courtesy of GMAP.
Break-even with MEG.
*I am now also trying to add the triple screening to my system. It is somewhat identical to the basic principles of my system. It is somewhat more defined so I might have gotten the idea from the article subconsciously. Anyway, it still can't solve my problem with spiking movements, from breakouts and consolidation. Maybe I am taking it the wrong way, or it simply cannot work well in this current conditions.
**The probable psychology of a candlestick opening lower the middle band and then closing above the upper band is the buying might have been overdone, thus the succeeding session results in profit taking or indecision. I'll post some charts regarding this.
GMAP is still holding up at 7.35 with so much volume traded today courtesy of the big block sales by certain brokerage houses. Are they accumulating or distributing? The verdict is on Monday and I am ready to cut!
MEG seems to be encountering strong resistance at 2.40 slightly breaking above it but not enough as the penetration is less than 3% therefore I am expecting it to correct early next week or it will consolidate for the mean time.
I was right that there would be immediate resistance at 13 but I did not expect it to consolidate instead of making a correction. Anyway, it moved up today, slightly penetrating the next resistance at 14 but not enough to merit a buy. I'll observe how this one will go by Monday.
AT also broke its resistance at 14 by more than 3% today. I saw a buy signal yesterday but I did not took it.
I think PX has better risk-reward in comparison with AT so I am more inclined to buy PX instead of AT. I'll see how both go on Monday.
Which one is the faster horse? GMAP is one sick horse for sure.
Month 2 Day 5
Sitting on a 8.90% net paper loss courtesy of GMAP.
Break-even with MEG.
*I am now also trying to add the triple screening to my system. It is somewhat identical to the basic principles of my system. It is somewhat more defined so I might have gotten the idea from the article subconsciously. Anyway, it still can't solve my problem with spiking movements, from breakouts and consolidation. Maybe I am taking it the wrong way, or it simply cannot work well in this current conditions.
**The probable psychology of a candlestick opening lower the middle band and then closing above the upper band is the buying might have been overdone, thus the succeeding session results in profit taking or indecision. I'll post some charts regarding this.
Thursday, September 16, 2010
Personal Disclosure
The market decided to climb up again today as it gained another 31.98 points, closing slightly above the new territory at 4005. However, blue chips are left behind as third liners decided to take the reins.
GMAP is struggling as it still closed lower today from the previous day at 7.40. However 7.35 seems to be providing solid support for the mean time. The declining volume with the price decline would appear to me as a bullish indication. I am being bias though so the cut loss point still stands.
MEG continued to climb today contrary to what I was expecting, breaking the huge seller at 2.39 before it was sold down and closing at 2.37. But it's not like I am complaining. I'll be adding more position here once it makes a correction.
After the shooting star that AT formed, it was followed up today with a bullish engulfing, pointing that the 15.62 gap up target valid. FGEN continued to climb today but profit taking ensues, driving the prices down. Immediate support at 13.08.
Month 2 Day 4
Sitting on a 9% paper loss courtesy of GMAP and MEG. Most of the losses are from GMAP as MEG is simply 1 centavo away from break-even.
GMAP is struggling as it still closed lower today from the previous day at 7.40. However 7.35 seems to be providing solid support for the mean time. The declining volume with the price decline would appear to me as a bullish indication. I am being bias though so the cut loss point still stands.
MEG continued to climb today contrary to what I was expecting, breaking the huge seller at 2.39 before it was sold down and closing at 2.37. But it's not like I am complaining. I'll be adding more position here once it makes a correction.
After the shooting star that AT formed, it was followed up today with a bullish engulfing, pointing that the 15.62 gap up target valid. FGEN continued to climb today but profit taking ensues, driving the prices down. Immediate support at 13.08.
Month 2 Day 4
Sitting on a 9% paper loss courtesy of GMAP and MEG. Most of the losses are from GMAP as MEG is simply 1 centavo away from break-even.