I sold out yesterday for 131.5, thinking we were topping again and I'd buy back in on the drop. Not the first time I've misread MGX, but over the two years I've been trading it, it has on the whole been good to me.
This time round, the SP has been green for two whole weeks without one red day - that's got to be some sort of record - and it seemed logical to me that it had to pull back again before it had another crack at 135.
Meanwhile, after you all get up off the floor from laughing, I'm really trying to work out why breakouts like today happen so suddenly and with such velocity.
Why, as soon as buyers started chomping at the 600,000 sells at 135 and it hit 135.5 - and this happened in three minutes, from 12.43 to 12.46 - did buyers keep piling in in such huge numbers and push it all the way to 144.5, gobbling all sellers before them? By then there were still about 3 million buys to only about 500,000 sells, i think.
At about 3.30pm someone put a sell order of 835,000 on at 141, which I was sure must be a capper to start the late sell off, but that went in one buy of 750,000.
It's like the pressure cooker suddenly explodes, but why does it happen this way?
Any answers?
Well done to all you who waited and won this round. It could have been me too, but this time ... well, c'est la bloody vie.
Meanwhile, I stick to yesterday's plan and wait for the inevitable pullback to buy back in. See you there.
MGX Price at posting:
$1.40 Sentiment: Buy Disclosure: Held
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