(Late post for November 25, 2011; Today = Friday)

If IP’s move yesterday was surprising, IP’s move today wasn’t. Timbeeeeer!

Click to view GIF

Today was an interesting day. I was a total mess but, the day was the still interesting. Then again, maybe that’s why it was interesting! Haha! I had four stocks on my watchlist: LCB, PGOLD, MAB, and GERI.

Near opening, there was some activity in LCB yet I hesitated to buy at first. LCB’s setup was a momentum one and I am very cautious about that setup nowadays. Having been whipsawed here and there for several months was a pretty traumatizing experience. So you could probably understand why I had to change my usual trading style. In this kind of market, I now have a firm belief that “Buy low, sell high” is the best strategy as compared to “Buy high, sell higher”. But, considering LCB’s week-long ascent, I was willing to make the exception. After all, why fight the tide? The lowest risk entry I could think of was entering after a correction. Hello, Wednesday and Thursday. Today, it seems, LCB has found a bottom at 1.64. My only problem was, my postings were at 1.67 and 1.68. Like I said, I hesitated so I didn’t buy up when I should have. So, when 1.67 was bid up and became the buyers price, I still did not buy up and posted at 1.67 instead. The same goes for the next few price levels until finally, I decided to buy 5% from my total portfolio at 1.72. LCB spiked to 1.75 soon after that but it was not able to sustain this momentum considering it had not yet corrected for the day. Thankfully, I was able to buy another 7% at 1.70. It ought to have been 10% but only 7% was done at that level. LCB closed the day at 1.71. I would continue to presume that my momentum setup is in place as long as support at 1.70 holds.

PGOLD. I have been waiting for this stock to bottom out since it peaked at 17.10. I thought it was already trying to bottom out yesterday given its small bodied candle but I thought it was wise to postpone my buying until the next day or today. Apparently…not. PGOLD closed the days at the highs at 15.36 from a low of 14.72. What’s bothering me though, is its small volume. This is probably why I didn’t want to be aggressive on this one, or maybe I’m just coming up with excuses to justify my hesitation. Haha!

The last two on my watchlist are MAB and GERI. They made it to my list because I had a position in them. In MAB, I’m basically waiting to buy back 1/3 of my original position that I sold at .068, or sell 2/3 of my position in the occasion that it breaks down from its range. GERI was not supposed to trade at these levels anymore. Haha! I cut it some slack yesterday (I shouldn’t have) but seeing it today trading at 2.11 broke my heart. I sold half at the lows at 2.11. Actually, what broke my heart was that it didn’t break below my selling price. Haha! Selfish. Then have it close at 2.17. That was a bit forced though. GERI’s posting was like broken teeth with 2.13 in the buy side and 2.17 in the sell side. I still think it’s trying to bottom out at current levels. I still like the setup. Let’s confirm next week.

Wait. The day isn’t over yet. I had a boo boo for a second time in two days. Last Thursday, it was MARC. Today, it was PEP. Nothing catastrophic. Just a failed day trade because I was did not plan the trade at all. I bought PEP at .325, thinking it would do something miraculous and continue on in its breakout. I sold not long after at .315. Guess where I shifted to next.

Ni hao…ma?

NI is a very sensitive issue around the office. I didn’t witness the slaughter yesterday but I heard, everyone in the office who had NI sold when it failed to breakout as expected. Based on their talk this morning, we were actually the reason for NI’s touchdown at 4 pesos. Hmm… It was clear today though. NI no longer wants to go back to 4. It was one of the strongest issues for the day. I think I have already established my fear and dread concerning a momentum setup so, no way in hell would I buy up NI knowing full well the mind games played in this stock. I’ve never been so thankful for gravity. After peeking at 4.33, NI fell to as low as 4.16. Guess who happened to have a posting at that level? Me!

Actually, I originally posted at 4.20 but I remembered something a trader said. He was just joking but of course, may pinaghuhugutan yon. He said, when NI was going up, JAP was probably thinking that tsupiteros saw NI already as a “buy the dips”. That could be true but what these tsupiteros don’t know is that the dip will be deeper than expected. So, I moved my 4.20 posting to 4.16. True enough, someone sold down! Around 43% of my posting was done. Unfortunately, the remaining 57% I modified to 4.13. I got scared! Haha! (Sorry na!) But the second 4.17 was eaten up and crept back to 3.20, I knew I made the wrong move. But I also didn’t have it in me to buy up. So, I posted a sell at 4.26 instead and made a decent profit in a few minutes. I also bought back more at the close when I was able to think clearer and realized, NI deserved to be an overnight trade.

Happy weekend everyone!

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