Perils of the day trader
11.27 am The best performer on the day is Platinum! Up 10% to 616 as they had minor inflows and excellent performance - which I already knew because they update their unit prices daily online. It's weird when you're a two man show and you have better analysis than the market. Frustrating because I had to cut - and no regrets because the chart looked shocking by the end of the day on a daily basis. The silver lining is that I bought PTM on a weekly basis in my super fund and in a new longer term book I'm running in my active trading account as the weekly picture was fine with yesterday's action noise on that scale.
Otherwise, the market is up 23 and trying to sell off intraday again though I suspect that it can squeeze higher.
My large caps are slightly higher with LYC the best and the small caps are doing reasonably well with AX1 and SEA up nicely, CKF flat and I'm out of CGC for a small loss after an early rally then a fade.
1.15 pm It's a dull day with little intraday movement. I'm getting out of positions that are doing nothing so I've sold most of the ILU for a 3 cent loss, it's down 7 now, and a third of the Lynas at 292 which is a 4 cent gain and where it's trading currently. Bluescope Steel has recovered to be just about unchanged. I'm in the process of getting out of the AX1 for 130 (versus 127.5) and I'm hopeful CKF will push higher towards the close.
Regarding strategy, I'm honing my weekly trading which I mostly do through my super fund. My aim is to catch breakouts and hold for two weeks and it's generally going pretty well. Last Friday I bought A2M, LYC and PTM. The A2M weekly chart is below, showing a potential higher low and a break of the previous week's high though not a confirmed break which would not trades above 1258. I'm long at 1202 and it's currently 1194. I think it can rally for a couple of weeks and if it does the low to mid 13 dollar range seems plausible.
4.22 pm The market eased back to close down 7 but I really need to do better on days like this where it's a waiting and pausing market. What tends to happen is that the algos drive stocks to extremes on thin volume so if it's not going your way early on, you're better to just dump. I half did it but wasn't aggressive enough so a mildly positive day in the large caps became a mildly negative one. The small caps were ok as they tend to trade a bit more cleanly. I did sell out of CKF for a slight gain and SEA for square while adding two new ones in ADH and OML. Ooh Media rallied strongly today after a high congestion and seems to be in a third wave so I'm just trying to ride the momentum here.
I sold my existing large cap longs and bought DHG, FBU and MQG. I think the market will squeeze higher as there's been 4 days tight at the top of the range with rising lows and fractional new highs.
Fletcher Building is recovering from an equity raise and squeaked through short term resistance with a high today of 610. I'm long at the match price of 604.
Otherwise, the market is up 23 and trying to sell off intraday again though I suspect that it can squeeze higher.
My large caps are slightly higher with LYC the best and the small caps are doing reasonably well with AX1 and SEA up nicely, CKF flat and I'm out of CGC for a small loss after an early rally then a fade.
1.15 pm It's a dull day with little intraday movement. I'm getting out of positions that are doing nothing so I've sold most of the ILU for a 3 cent loss, it's down 7 now, and a third of the Lynas at 292 which is a 4 cent gain and where it's trading currently. Bluescope Steel has recovered to be just about unchanged. I'm in the process of getting out of the AX1 for 130 (versus 127.5) and I'm hopeful CKF will push higher towards the close.
Regarding strategy, I'm honing my weekly trading which I mostly do through my super fund. My aim is to catch breakouts and hold for two weeks and it's generally going pretty well. Last Friday I bought A2M, LYC and PTM. The A2M weekly chart is below, showing a potential higher low and a break of the previous week's high though not a confirmed break which would not trades above 1258. I'm long at 1202 and it's currently 1194. I think it can rally for a couple of weeks and if it does the low to mid 13 dollar range seems plausible.
4.22 pm The market eased back to close down 7 but I really need to do better on days like this where it's a waiting and pausing market. What tends to happen is that the algos drive stocks to extremes on thin volume so if it's not going your way early on, you're better to just dump. I half did it but wasn't aggressive enough so a mildly positive day in the large caps became a mildly negative one. The small caps were ok as they tend to trade a bit more cleanly. I did sell out of CKF for a slight gain and SEA for square while adding two new ones in ADH and OML. Ooh Media rallied strongly today after a high congestion and seems to be in a third wave so I'm just trying to ride the momentum here.
Fletcher Building is recovering from an equity raise and squeaked through short term resistance with a high today of 610. I'm long at the match price of 604.
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