What a week - what doesn't kill you makes you stronger!
I mainly use MACD and Slow Stochastic but don't always follow my rules ( much to my regret!).
I subscribe to Incredible Charts which provides all the info I need.
Most important is MACD 26, 12 , 9. It seems to be the best compromise between short and long term cycles. The time to sell is when the bars reach a peak then start to flip over. Don't jump the gun.
The time to buy is when the bars start to flip over at the bottom. once again don't jump the gun!
Slow Stochastic will tell you whether it is markedly oversold or overbought. Buy low sell high.
I contemplated selling my entire holding at the end of day auction for $9-05 mid week after the mind chilling drop but procrastinated/struggled over the decision and missed the auction close by 10seconds! Such is life!
On Wednesday I bought a small parcel at $8-62. I saw the price had dropped precipitously to $8-54 in the hour after opening (when the shortest traditionally test the strength of the market) and it had quickly bounced back to $8-60.
This is what I call Cascading Stop Losses ( the traders pull their buys in concert to try and hit the stop losses then pile back in to consume the carcass!). Otherwise taking advantage of Buyer Exhaustion!
A day of consolidation then up we go to repeat the cycle.
I think we'll crack the $9-50 mark in the next week.
It will take a bit of time to get through $10-00. A very big round number! Once done FMG will fly.
I think the Guinea contract loss is a blessing in disguise. I see a lot of pain for the winning consortium getting the railway built. A bridge too far in my view. Chinese investments don't always win. We shall see!
I check the Iron Ore Price provided by Rurenga every morning. I value Big E 'S comments and wisdom plus all the other contributors- including Ahpigsy - gap filling is real and candles are very useful indicators!
Regards and GLTAH,
Kangaroo1
PS You can get all the technical indicators/charting free on Barchart website.
What a week - what doesn't kill you makes you stronger!I...
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Last
$21.62 |
Change
-0.420(1.91%) |
Mkt cap ! $66.56B | |||
| Open | High | Low | Value | Volume |
| $21.61 | $21.78 | $21.48 | $190.2M | 8.611M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 15504 | $21.61 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.62 | 6560 | 1 |
View Market Depth
| Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |