My 11th Day as a Swing Trader
what a swing day.. was that because of President NoyNoy Aquino ringing the opening bell?
i was able to sell my Ayala Land (ALI) at a price of 18.32.. thank God for this. today it closed at 17.84, and its chart is looking to have a correction soon since it had a high of 18.70. they say target price for this will be around 19, but i am not really comfortable with holding this stock for now..
then i was looking at a whole lot of stocks to buy because of the swing..
at one point Metro Pacific Investments (MPI) was down to 3.77, but then it closed at 3.88...
i even put a bid on Aboitiz Power (AP) at 21.00 per share, but i wasnt able to catch it. right after i placed the bid, prices were going up to a high of 22.1, modified my order to 21.40, and still no takers, it finally closed 21.50. if its not for me, then its not for me.
Bank of the Philippine Islands (BPI) went to a low of 55.90 from a previous of 57.4. would've placed a bid on it. but then i reviewed it's chart. this stock has been overbought..
in fact, a lot of stocks have already been overbought. thats probably why there was a minor self-serving correction today. you have to follow the rules of supply and demand when nothing else in the news is happening.
speaking of charts, ive been scanning through most of the notable stocks and it looks like Chinabank's (CHIB) chart is looking good for a buying position.. today it got down to a low of 405 then to a high of 409 before finally closing to 406. but volume was only 57k. nonetheless, i will be watching this stock. i will probably buy it once it will post a -3% change.
of course, id have to mention the the other Usual Suspects in the market that post significant loses, high volume with only a number of trades (mainly Tech and Mining Stocks). i am still not touching these stocks.
MARCVENTURES Holdings (MARC) 31 trades 84M, changed -5%..
Oriental Petroleum & Mineral A and B (OPM OPMB) 117M volume combined with only a total of 24 trades...
but just before i gave up on posting moves today, i found a swing trading opportunity on one stock, which is RFM Corp. (RFM).. chart looks consistent trending up, with a percent change of -4%.. volume of 6M.. there business is also a good placement these days, being one of the strong players in the food and beverage industry. was able to buy it at 5000 shares 1.86.. finally applied what my advisers in this blog and different forums taught me which is to maximize the expenses incurred per trade due to commissions and taxes. in order to maximize it, gross amount has to be around 8k minimum. (thanks for the advice guys, please keep them coming).. lets see what happens with this one..
view my portfolio at:http://www.pinoyswingtrader.com