After that Volume spike on 5-22, i would have put it on a real short leash. I'v been sucked into those in the past. Not happy, brings back unsettled feelings.
I took a gamble when I bought the last time, with conflicting signals. My own common sense discretionary signal said it was a bit too early to buy, but a spreadsheet I run indicated it was a buy. So I took the spreadsheet signal knowing it was risky, but that's ok, was watching like a hawk and took the loss in my stride, my other current 17 holding positions are paying off that loss immediately. Right now the spreadsheet is showing a weighting towards selling energy stocks today, while atm in Australia energy stocks are roaring up. I feel this is a bit like a trend change in action where there is frequent daily chop in signals.
This was/is probably the best journal thread I have seen on ET. I understand how much work it is to document/report it all...why most do not do it. Good read, thanks.
Thank you sss12 for the compliment. BUB made a couple of encouraging announcements this week and has now turned from loss to profit. However becoming included in ASX300 index which was hoped did not eventuate. BUB is supplying goat milk infant formula to China. (This time have the attachment as a thumbnail so you can see more detail) Regarding my entire trading portfolio this week turned out rather eventful. OMH (OM Holdings - manganese miner) which I had been following for some weeks to enter finally turned up and I bought, however I was a day too late really and it ran up very hard, I got half filled on my order & then had to chase it the following day to get the complete fill. Currently underwater about 3%. There was a reason for being a day late, I was heavily distracted writing my new algo which I'm calling 'Supalgo'. More about that later. Ausdrill ASL, (Drilling Co. for mining) I have been holding for quite a while, this has been turning south for the last 3 weeks. I like Ausdrill, it has been a good performer in the past but I sold out Thursday when it didn't pick up its boots and perform. It is easy to fall in love with a stock but a trader or active investor must remain a mercenary. My loss on this occasion was negative 13% for the position. So after watching BUB go up from being in the red to black, missing the first move on OMH by a day after waiting for it so long, then selling Ausdrill my love which didn't bounce on cue I was not expecting the next to happen.... As mentioned am working on Supalgo (still a work in progress) and was very busy during the week coding it, when I spotted a buy signal on AGO - Atlas Iron, with Supalgo which currently is undergoing sea trials. So I looked at AGO from every angle and decided to take the trade at about midday Thursday. So I bought +700,000 shares and guess what....??? I bought at the very top for the day, it immediately tanked to end down negative 15% on my position at close of trade Thursday. This morning market opens and I watch it briefly and see it jumping up and down so I go out for my morning coffee. Just prior to close today it was up 25% and on close today was up 43%. My AGO position is yielding 16% return atm on my investment for 1-1/2 days holding. So all in all, another profitable week, my trading portfolio atm is at all time high, this after taking out all living expenses for my wife & I. More next week. (At another time I'll run a journal and explain a little about Supalgo, but not just yet, still putting it together & trialing)
Another weekly catchup. BUB has come good, no longer at a loss and now showing +8%, however this will be short lived profit as BUB is now in a trading halt pending a capital raising. I'm guessing will lose my 8% this coming week. In my overall portfolio (below), placed 3 trades this week, an iron ore position, in & out on a 3 days trade and captured $5k profit. The other two trades was a gold position and an IT stock. The overall portfolio profit increased but another hard going week in terms of slim price increases on existing positions. This past week continued working on coding a new algo I'm dubbing with the name 'supalgo' and the 3 trades I took this week were a result of me trialing it. Supalgo once completed will change the way I trade, it will diversify me into stocks away from my regular metals stocks into all sorts. I'm anticipating going into more speculative positions, however have decided what will happen is trade frequency will increase while individual trade size will decrease. There is nothing wrong with my old method other than at times I can be sitting in cash for weeks twiddling thumbs awaiting a signal.
Friday was a very sad day in USA regarding the miners/metals, nothing other than a sea of red ink, am expecting to get good hiding on Monday when our mkt opens. The only salvation is AUD is tanking in tandem with resource prices nose diving which is good for us in terms our exports (Australia) become cheaper for the overseas buyers, this may cushion some of the pain coming. Still, will keep a bright smile, me thinks short lived pain and the strong USD of late is a dummy blowoff top. Mr.Mkt. loves to deliver sucker punches in particular tops & bottoms.
As anticipated, BUB down 7% atm near open this morning due to Capital Raising event. I will stop adding updates to this journal now as it has a continuation in a new journal called Supalgo. https://www.elitetrader.com/et/threads/supalgo.322143/#post-4674190