agreed, the title says nibble on the way. But a little here and a little there on the way down does give coffee tokens for the Little Mexican coffee hut ;-). I will wait for the re-entry under 200 again.
WEll if you use your argument in the diciplined trader post, "averaging down in a defined range" it that not the situation you were refering to? I merely said a nibble was approaching, did not say where entry was. I recon we can wait for 200 odd.
Nah...it's just a pullback,kwagga.It just looks bad because of High-frequency trading.Stuff moves fast..IMP at R195-R198.I'm watching her(and others).Our JSE ALWAYS sells off first, when the hot-money gets nervous.This has been going for almost a month now.Lovely.Now let's see those new trading ranges ...
me thinks me browser is playing tricks on me. DJ shows -119 points on my one screen and on the other paring even (about 5 up or 5 down). Jees I better look into this cause it could be one serious mistake with wrong data. hehehe
I have a system that works quite well with resource stocks - when oversold, wait for a significant gap up - 1% minimum. Works for all resources, but chose the one that has gapped up the most. In today's case, it is IMP. This is the price action I am looking for. Give it 30 minutes to 1hr to make sure it is sustained. It needs to have made a fresh high, otherwise the trade is off. Enter at the current price, with a stoploss sitting below the swing low, however I exit the trade if the momentum is not maintained. In otherwords, if the gap is entered. So I am long on IMP today. I like to keep the trade for the longhaul, so I tend to stay with it, unless i get obvious resistance, like dark cloud cover, engulfing candles, doji's etc.
Well we are up a good percentage and I finally backed the right horse ;-). Seem to be hovering today and a cool-down back to maybe 205/208 could be built in. However with the new car sales up by that nice margin, overshooting expectation, this might just be a breather before we head back to 230 mark again....ride 'em...
I have been a watching it. I bailed my position (good return) to be honest yesterday when I had to goto a wedding. But today seems a drifter as well. I am looking at shorter times (15 min charts) and see a little concern. I am expecting a pull-back as stated earlier maybe around 207, but the direction is worrying. Right now I am staying out and if it breaks 215 I will get back in or if it does pull back I will again get in. Fridays are not my fav trade days cause I have to hold the week-end but occasionally a good position comes begging, however I dont think today is it..