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Noble Group: Another quick trade.

Tuesday, July 26, 2011

Technical analysis (TA) is dynamic. Day to day, charts have new information and TA will provide new insights. Not too long ago, I wondered if Noble Group's share price might hit $1.90. Read blog post here.

If you guess that I must have been waiting to sell at $1.90, you are right. However, doing a bit of charting last night revealed that we might not see $1.90 although there is still a chance we could. The declining 20dMA is now at $1.89 while trading volume has dwindled lately.


Today, it hit a high of $1.875 before closing at $1.865, forming a white spinning top (almost) in the process. There is obviously some struggle between bulls and bears at this level.

Half an hour before the market closed, seeing how $1.875 presented a respectable resistance and is only three bids from $1.89, I decided to divest at $1.87, selling straight instead of queueing at $1.875. That is 4 bids below $1.89 but it gives me a gross gain of 5% in less than a fortnight.

It seems that I have made another quick trade after the recent one with NOL. Conditions are not easy for long traders in recent months. Counter trend trading demands that I stay nimble footed and less greedy. A 5% gain here and there? Why not? I am still learning.

4 comments:

Anonymous said...

Hi AK71,
Can I confirm that you went for the quick trade based on the long white candle on 19th July?

I'm very new to all these, so I'd be grateful to get a glimpse of your inner mind :)

~RD

AK71 said...

Hi RD,

You are right to say that the bullish engulfing white candle is a good signal to go long. However, I went in a bit earlier. See this:

Noble Group: Caught a falling dagger?

Still learning. ;)

Anonymous said...

Hi AK71,
It's quite funny on hindsight :)
It looks to me that you rationalized yourself into a gamble... No offence.
I might be tempted to punt too after some wins, now I'm just beginning and still got enough "fear" to control myself.
Hehe.

~RD

AK71 said...

Hi RD,

I was taking a chance and it is what the blogmaster of "Time to Huat" calls a "tikam". ;)

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