trading notes for gbg

Saturday 20th July 2013

Bought GBG @ 14c on 15th July due to a tip via BRR fin adviser. Also, looked at chart and bought as price started rising after a few days consolidation. EMA11 > EMA25. Chart shape has improved since 7th June, higher highs and higher lows.
Set a stop at 13c.
Price rose strongly as I was entering, almost missed the trade. The quarterly came out later that day. Lesson, follow the surge (I have previously seen surge like this in other stocks)
My stop is now at 14c, based on support.
Set initial profit target at 18c, in hindsight, 17c was a better target.
GBG is currently testing this 17c target, expect next target to be 21.5c if there is a breakout. There is also resistance at 20c.
Strong support at 14c, lesser support at 15.5c.

Thursday 1st August 2013

Sold out of GBG @ 16c. Reasons – there is a wall of sellers from 16.5c to 18.5c, announcement out saying nameplate sb achieved during Dec qtr (mkt probably reacted ok to a slightly disappointing result), time limit for days in trade starting to weigh on me, felt that there will be quiet trading for GBG for a few weeks/months and so funds may be better deployed elsewhere. Happy to take a profit, not as much as I was hoping for but still a profit. This trade has been an education in setting price targets, reacting to price movement, and trying to manage my emotions in what has been a fairly friendly position to hold. As noted above, 17c would have been a good profit target (only 1c more).
After market close – it all about risk management. GBG is now looking weaker with a close at 15.5c and much less depth on screen.

Friday 2nd Aug
Price has now made a lower low than Monday and Tuesday, expect good support at 14c, but could drift for a while now.
GBG is now below EMA25, a sign of weakness. Keep watching for next entry signal.