Today, I felt in a house cleaning mood and sold every miner that I had a gain - which leaves me with just two positions that presently are under water (CMIN and MQCMF).
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My first sale was of Cadero Resource Corp (CDY) at $1.20. This closes out all those thousands and thousands of shares I bought and now I have no more.
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Click on the charts to ENLARGE
The second sale was Anooraq Resources Corp (ANO) at $0.94. This, like CDY, I spent a lot of attention accumulating and it was very good to me.....but now I own no more.
The third sale was Osisko Mining Corp (OSKFF) at $13.27. I had a limit offer that I guess was taken in the pre-market at this price because it does not appear that OSKFF traded this high during the regular session. Every once in a while, a guy gets lucky I guess.
Fourth and finally, Kimber Resources Inc (KBX) at $0.88. To tell you the truth, this stock looks like a buy today with break outs of the Money Flow Index (MFI) and True Strength Index (TSI) indicators. I'm not sure what I was thinking when I sold this (or if I was thinking is probably more like it). Anyway, my shares belong to somebody else now and I wish them luck!
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My TSI Trading record has been updated and is now 343.3%.
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Hi John,
ReplyDeleteI'm starting to apply your approach on a few favorite PM tickers and was wondering why you haven't traded something like SLW. I noted that applying your approach could have given you entries either on Aug 21 or 27 near $18 and exit on 9/18 for a 35% gain. I know you mentioned that you are busy bee and cannot sit still. Still, SLW is a very good stock to trade in an out of. Thoughts?
Best,
Neil
Thanks for your interesting question Neil.
ReplyDeleteTo be honest, I don't think my particular strategy works well with SLW. At least not since it began to take off August 2nd.
I most definitely shy away from stocks that run the upper Bollinger Band for days and weeks at a time. I am more comfortable trying to play hit and run with setups that make sense to me technically.
If it makes you feel any better, I do own a slug of SLW in my retirement account and I have been delighted with its performance. In fact, for me, a stock like SLW is more a buy and hold stock because it is so strong....I do not think my particular skill set would 'out do' the buy and hold scenario with this kind of stock.
Not sure my answer was made sense, but I tried as best I could to answer it.
Good trading to you Neil!
Thanks for the response, John.
ReplyDeleteVery well put. Yes, strong stocks call for a strategy to hold, add on dips, and sell at reasonable levels.
Best regards,
Neil