how far to fall???, page-3

Hi Rho7 & AlbertE thanks but rest assured I am a chart enthusiast but by no means a guru - I'm still very much learning as I go.

But in answer to the question I can say as I mentioned previously I took some profit at 1.58 (will continuously maintain a long term position in MGX) and looking for a lower re-entry point with that stake. The space between 1.25 and 1.50 is fairly sparse both on last year's decline and the curent wave, with a couple of gaps to fill on the dcline in the daily chart from last year. At first glance I would pick 1.35-1.40 as a target re-entry point so I would agree with AlbertE there. I always do a risk/return calculation on an entry target though which completes the picture for me in considering a new trade entry (I treat each short term trade as a new trade which must be justified in its own right, not as part of an averaged figure combined with my longer term holdings). In any case the consolidation we are seeing is not unexpected and is probably needed before another swing up, given the size of the recent advance.

I will do my weekend analysis on MGX as usual and post it on ASX-General on the weekend or the link will be in my sig from Sunday night. Cheers, Sharks (the charting enthusiast)