Mower, I took a stab and opened a long trade at 1506 in AGK this morning. The candle hammers on 13-Jun and 16-Jun suggest rejection of lower levels, although the candle doji that resulted today suggests indecision. The hammers plus the oversold indicators that I mentioned this morning were sufficient for me to open a long trade. Sometimes I wait until EMA10 is breached, but I normally don't wait for MA20 to be reached. However, even waiting for EMA10 means that the initial stop loss needs to be quite a bit further below my entry price, which means that if the trade proves wrong, the loss could be somewhat bigger. This is the reason that I prefer to enter a trade a little earlier than yourself.
GK, thanks for your comments regarding AGK's fundamentals, all looks good for a range trader. Where do you get the analyst ratings from?
I like the look of AGK's chart in the past. This stock could become a reliable range trader for me, both on the upside and downside. Hopefully I will be able to add it to my reliable list which includes BHP, RIO, TLS, and others. PDN was a great range trader when it was in the $7 to $8 region. Reading the PDN threads now I shake my head at the fact that it appears many people simply have not used stops for their PDN holdings.
By the way I don't have a very grey cardigan either, I am also very good looking (think chick magnet), but I do wear slippers at home in the winter. Once my two daughters (fashion police) were absolutely aghast when I wore my slippers down to the shopping centre when I was in a bit of a rush, or was I just being lazy on the day.
