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Sorry it turned out to be a long post. I know many don't like long posts so please ignore the post if one of them.
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Another big volume day today, close to 41m shares traded. Yesterday was 49m. So in 2 days we have churned more than 10% of total shares. .
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From a day perspective, gain of 1 pip from 2.2 to 2.3. From a weekly perspective, move from 1.9 to 2.3, so over 20% gain. So most will agree that it was a good week. Not as good as RCR, which did a runner. I wrote on that thread last week that I had picked up at average 4.6, this week doubled down to raise my average to 6.5. So happy with that. My only regret, my play over at ENV is much bigger than there. I wish I was playing at same level. Oh well, we can't win them all. I am only hoping now that we may also have a similar run. Soon. Hopefully much bigger, as our market cap is so low. It can happen, but we need some good announcement. And of course luck. That plays a big part in stocks which want to rerate and could be classified as speccy. I have hopes for that, but anything can happen, so please dyor and check your risk reward. At this stage I am happy holding here. .
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So how was the trading today? We touched 2.5 today and finished at 2.3, I know some may be feeling a bit disappointed and thinking we could have finished higher today. I think that's fair, because at one stage we were looking to smash thru 2.5.
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So why did it not happen? For those reading my posts, I always talk about trading pattern and trading range. Many follow charts, and like our illustrious
@W3hunter, provide us with valuable insights. I do follow charts, understand them, but mostly I am more interested in trading pattern and range. Similar concept but different way of looking. There is no right or wrong, just my way of looking. I had talked first stage - 1.6 to 1.8. We played there 2 weeks. Next 1.9 to 2.1. We were playing there last few days. I wrote yesterday, we now may play in 2.1 to 2.5 range. For me it was a natural play in this range. Although I also want price to smash thru, but I also know that a sudden big rise can lead to sudden big drop. So I like consolidation. Hence I liked today's trading. Before we break above 2.5, let's give enough opportunity to those happy to leave, and those happy to join. Also was happy to see that it actually played text book, maybe my book, from what 2.1 to 2.5.
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So what was good about today? We finished in green. Yesterday I had written its important now to hold 2.1, we held it well. We did big volume so have given enough opportunity for those happy to get out at this stage. And most importantly, today was Friday, many like to close their positions. They were trying to sell down 2.2. But it held, which means even in not a good state, we were still not pushed down. Many sellers thinking they can sell higher. That sentiment will be the biggest driver for us to push up next week.
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Personally I did trade a few times today, as I have mentioned I like to play with a portion of my stocks, I love trading, trying to pick up and down. Like most things, sometime ls it works, other times not. But I enjoy doing it, and we sometimes have to do what we like. Fortunately for now it worked, My heads average I have now at 1.6, brought down pip from 1.7. Not much, and some may think what am I doing, but I like these small wins. Oppies though, I have been buying last couple of days. Today also picked up at 1.2 and 1.3, previously at 1.1. So my oppies average has increased from 1 to. 1.05. Let's see what's in store, I am hoping something good.
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So what could happen next week? On any weakness, it would be good to hold 2.1, a intra day incursion is fine. On strength, get to next level, which is 2.5 to 3. Have we done enough consolidation in current zone? Volume wise I feel yes, time wise I am not sure. So let's see. Many anticipating news next week, even on Monday. I am not sure. On 3rd April announcement, results will come in from 6 to 10 weeks, so we may be a week or two away. But they also wrote, they will try to expedite. At this stage I feel we are still away couple of weeks, but there is no harm in being pleasantly surprised. It's looking good, honestly. My gut feel is also in a very good state. We may be in for something spectacular, especially if lady luck is on our side. Let's hope she is. Enjoy your weekend and all the best.
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