Censof - I once entered and didn't have a trading plan then to cut loss, and was stuck in this counter without volume for quite a while.
Should i be exiting with a cutting loss target now? Or should i stay put and hold till it touches my cost of 0.475?
Let's look at the chart, it looks like its overbought already from the RSI and Stochastic, MACD too has crossed above signal line since end May, however it is still looking strong.
It closed positively last Friday with a high volume done, however we could see a long upper shadow from it, which indicated sellers pressure. And today it still managed to closed up high @ 0.435, with a last minute huge buying volume from 430pm onwards and that resulted in a white marubozu candlestick breaking out from top BB, with even a higher volume compared to the previous one.
It's indeed a successful breakout today, however without much attraction i presume. Will it continues with its uptrending momentum tomorrow to 0.46 resistance level?
Any comments / opinions? Feel free to share with me.
:-)
Doubt it could go much further.
ReplyDeleteIf I am in your shoes, I would be executing the stop here.
Reason:
1. Difficult to catch the "best" stop loss point.
2. Does not seem to be able to go further.
3. Illiquid counter, not my style of play.
4. Proceeds from the sale of this counter can be used to generate income elsewhere. Time is more precious and there is no need to have the mentality needing to breakeven or profit from a specific counter/position
Thanks Max.
ReplyDeleteI did have the same thoughts too. Will monitor it tomorrow and perhaps look at how it goes; it is somehow difficult when i'm in a loss position myself to rationalize. Will have to acknowledge my weaknesses and improve from there.
Well, i realized then that i made a mistake by entering into this counter, without much consideration of the volume, as i was still very new then; learnt something from this, however am still new in the market now and would love to learn more.
Thanks for your opinions. :-) Appreciate it.
Its quite normal to have that mindset.
ReplyDeleteWe entered into a position, cling on to it. As time passes by, it becomes more and more difficult to let go of it at a loss.
Happened to me before and I believe this happens to everyone as well. Its a weakness we must overcome, though.
Happy Trading & Have Fun!
Yes agree. The losses do hurt us. :-(
ReplyDeleteCut loss some at 0.445 this morning.
Balance still half, watching at it. The sell Q is pretty high with some blocks, which might be indicating some goodies in the coming time.
There were actually proposal of free warrants 1:8. Ever since then this counter seem to be having some support even with sellers coming in, and recently there is this price hike here. It might somehow be intra related to the movement of Censof off late. Probably there might be some news from the EGM soon.
Well, in a few more days you ll know if Censof can pull it off or not. If it goes sideway here, waiting for the EMA20 as support, then there is a possibility of it doing a pattern of what I termed as "ladder formation" - Up, sideway, Up, sideway, Up sideway.
ReplyDeleteNonetheless, I think cutting half of the position was a good call, regardless of what happens later. Can always reenter if it shows signs of uptrend continuation