I should have followed your example and let it run. Instead I...

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cloudstreet

657 Posts.

13/01/15

02:50

Post #: 14573415
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Originally posted by Orwell ↑

The downtrend in NCM ended back in mid-December, and I reference my post in this thread above when I went long. I trade weekly charts and so it takes time to confirm a new uptrend and we're not at that point yet, as often a stock will consolidate sideways at the end of a long downtrend, but so far the stock is playing out as expected and the upward move should continue. I believe we are in a Wave 1 for those who understand Elliott Wave, which is the first move of a new cycle.

Of course it can fail and so you need to trade on the price action as it unfolds. However all is looking good and I'm expecting to hold my Call options for another month at least. I have no idea why gold is moving up, just observing that the money is flowing to this sector now and where the money goes I go. Other goldies have jumped more than NCM but this is the biggest so it should catchup and ultimately attract more of the fund managers money as they buy into the recovery story. With more people back from holidays next week and new positions being entered for the year we'll hopefully get more funds pushing into this sector.

I'm holding and letting this run. No need to second guess the market and jump out early.

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I should have followed your example and let it run.
Instead I jumped out of my warrant minis on Fri for a good profit, but now it seems to have broken out on the weekly so I am considering a new long position.

NCM Price at posting: $12.48 Sentiment: Buy Disclosure: Not Held
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0 Great analysis

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