So the question for any trader/investor invariably is always: "are you prepared to risk the down side for the upside?
A few comments on the current price action:
*Firstly, the sellers today were smaller into larger parcels - Make of this what you will
*We are still firmly in the uptrend - This is not a crash, sell off, falling off a cliff etc
*We have only seen ONCE in the current trend 3 consecutive down days
*We have seen (since the intimal rerating on the 04/06) 3 retracements in the current trend:
1st - $0.46 - $0.312 - 32%
2nd - $0.48 - $0.355 - 26%
Current $0.905 - $0.71- 22%
Now these include intraday day low/highs. The other important note is that almost without exception, in the current trend (04/06 onwards) the down days have been much lower volume, evidenced again in the last two days by volume being below the 30MA.
LNG retraced twice at 32% on its way up - Its now broken out again closing at $2.77 - Case in point.
My conditional stop is at $0.66 (which would represent a 60% profit in 4 weeks - More than happy with that should it come to fruition), which would represent a 27% retracement form the $0.905, the next would be at $0.60, showing a clean break for the current trend channels lower band and representing the greatest retracement yet at 33%.
This stock has performed exceptionally well in a short time, and its patterns are becoming very predictable. What is also predictable is the trend upwards on good news, which I expect to be tomorrow.
I also expect tomorrow to be an up day (even without news) as it looks to consolidate in the $0.75 - $0.80 range.
The uneducated & ignorant posters on this forum calling the demise of TON and its share price are greatly amusing.
On my trading strategy I'm out at $0.66, however I don't believe we will get there - But hey, I could be wrong and that's why you have a strategy right?
Cheers
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