mcp down, does mean today lyc up?, page-52

Project Ulu, re your initial comments in this thread that you’ve tried and back-tested lots of technical analysis tools I think is a smart approach and more people should put in the hard work and time to find a methodology that works for them if they want to be successful in the markets. However, the fact that you haven’t been able to make TA work for you doesn’t prove it doesn’t assist, just that you’re not very good at it.

Your subsequent comments on not using stop loses suggests poor money management techniques and then your comments that you don’t necessarily use Fundamental Analysis just astounds me. It sounds like you don’t have any effective strategy or methodology for investing or trading at all. I really think you’d be better stepping out of the market until you can develop something better than buy and hope and I certainly suggest other posters don’t follow your advice on the markets.

I analyse stocks on the basis of both fundamental and technical analysis, but TA is primary for any trading position and is essential for any retail participant to be successful, particularly in the current markets post-GFC. There are different ways of approaching TA however and you need to find what works for you and combine this with effective money management processes.

As for the current price action, I put up a chart two nights ago saying the stock is going to $0.40 as a target and I was shorting it. So far so good, although the break of $0.60 was the obvious trade and then the cascading down today from stop loses sitting just below it. I’m not certain whether it will break $0.475 as easily but I’ll deal with the trade as it unfolds. But the tax loses selling through June is going to drive this down without anything obvious to support it.

For those caught on the wrong side of this move (Byron I feel for you), you either need to decide to hold through the pain or you can sell and buy back in July, probably cheaper. But I wouldn’t sit there stunned and hoping for a quick bounce.