Saturday, August 02, 2014
Good trades in bearish day
KLCI was bearish ... I was prepared to buy if any good stocks in my list dive more than 8% or so, KLCI to drop another 10-20 points ... but it did not, tho DOW overnight dropped 317 points!! KLCI was down about 4-5 points in the morning...
So, I went for GKent(AGM recently, the breakout) and Supermax(Ebola news spreading).
GKent : This was being mentioned in our group ... checking 1.90 breakout. It was fast ... and when I saw it, it hit 1.99 ... so I queue 1.96 and below. It came down all the way to 1.92(all done 1.92-1.96) ... wow ... and I thought it might be a false breakout. So, I will wait for 4.30pm before market closing to decide. It was a great trade. Some followed and many missed.
Supermax : When I saw IRCB up in the morning ... Kossan up, with Topglove too ... Supermax started it movements at 2.19 ... waiting for breakout of 50MA at 2.20, and grabbed at 2.21. Well ... it did move and I top-up 2.26-2.27. I queued at RM2.35 ... resistance RM2.37, I was busy having classes in the afternoon session. It was done. Good.
Riding on the uptrend ... Silkhld still in play. I do still have some PJDev tho I sold more than half. many breakouts play ... and many more still uptrend, tho market is turning to be bearish.
Those counters going into 'O&G' ... many going into 'property' are in play too. I have chosen to trade property counters. IT-counters are in play too. I have avoid plantation-counters as CPO is barely at 2300 level(it came down below 2300 recently).
So, when market bearish ... we need to be selective, and practice cut-loss when it hit lower. We never know how low a counter could go ... and get stuck.
Elsoft ... a very hot-stock as it doubled recently, hitting high 1.79. Without cut-loss, it one bought at 1.70 level, today it is at 1.39. I am checking to see a trading opportunity next week. We watch, plan ... and trade.
Those who wish to join me : https://www.facebook.com/groups/cpteh/
Contact : email@example.com.
have a nice weekend