MSB chart, page-553

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mattycee1

1,465 Posts.

76

03/11/17

17:00

Post #: 28484886
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Originally posted by wombat53 ↑

Indeed they are evil...but a buy (to cover) is a buy. Just as a sell (short) is a sell. Not complex.
Tho I'm not clear why a short would be closing now, unless they were more than happy with the current swing down from the previous swing high (1.94 if they sold at the top). I'd do it today (but not permitted by broker to short) - sell into strength (resistance), buy at weakness (support) - a general axiom, long or short. Many say buy low, sell high but I have no idea what that means, what is low?? (Actually, a great David Bowie Album). So long as you sell higher than you buy, you're starting on the right track....
I was long and stopped out @1.305...a cent bigger stop and I'd probably still be in the game....but you have to draw the line at some credible level (below support). Might wait for the next pull back to circa $1.01
Support was 1.31, probably raided - first at 15:3x AEDT and again at 15:4x...so a raid of a raid (perhaps - the volumes then weren't great on Course of Sales, so I think it's plain old short covering which pushed price back up a couple of cents off low of day)
Note that price closed the week 1/2 penny above support. |
But also a third successive weekly closing low.
To be honest I'm sick and tired of HC's preoccupation with shorts, general blaming of others. If it's happening there's a reason for it. If it's not based on a solid understanding of fundamentals they'll be run over by a fast moving freight train.
The time would be better spent looking in a mirror, and asking "who is responsible for my losses"?

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Think I brought into your stop today, nice post enjoyable read, I'm not liking the idea of heading to $1.01
All the best ,

MSB Price at posting: $1.32 Sentiment: None Disclosure: Held
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