MLS - Metals Australia

[CanOz]

Heres a screen shot of that lunchtime volume.

 

[nizar]

Whilst MLS has had a significant grade find, and the traders have definetly dropped in, the market has recovered all that it lost yesterday (some 60pts) which has undoublty had a green affect on this little baby...and my screen for that matter.

If yesterday wasnt such a significant downday in the market in general, this wouldve run. Even if DOW only fell by 50pts because oil&gold were still up and metals down only significantly, our markets wouldve held up and this wouldve ran.

Bit of a pity but thats how it goes.

Same thing happened to AUZ a few weeks, Big volume rise one day, looked bullish, then the next day the index XJO fell by 100pts, and it was game over. At least for the time being.

 

[nizar]

Heres a screen shot of that lunchtime volume.

Can, are you watching FML?
Could be a goer.

 

[CanOz]

Somebody just returned from lunch.

 

[CanOz]

Can, are you watching FML?
Could be a goer.

Yes Nizar, i have been but i was too late, no funds left. Its also got a nasty gap, i don't like those. Might be a buy later though.

Cheers,

 

[SevenFX]

Somebody just returned from lunch.

Not just somebody, MR Somebody...to all of us.

EDIT He/She/They just bought out 5-10m within few mins, but MLS is no BHP are they.

 

[SevenFX]

OK so here we are at the top end of the channel (so quickly) and 29.8m sold at 6.7c and 12.8m sold at 6.8c

EDIT: few tests of 6.8c now, so maybe...

 

[CanOz]

Sellers around but not in volume...'someone' seems happy to pick them up at .066.

 

[toc_bat]

thanks for your replies all,

yes i think i need to take a step back and reevaluate my methods, basically i think im way too inexperienced to be chasing prices and charts now, i think i need to rely more on research, whether that means reading lot of ann or just traweling through forums like these and seeing what people are excited about then researching it,

Nizar, a Q regarding the below:

I cant see why it wont run to 10c.

But for now, we need high volume, maybe 50-100million, if we were to make new highs today.

Its already got 230 million odd for the day so far, do you mean 50-100mil more?

Even if we dont make new highs and it closes where it is now, that will look very nice on the charts, and thats a close in the top half of the days trading range, and i think it will gap up 2mrw but only if the volume is there (and it should be due to end of day traders) to overcome the sellers lined up at 6.7 and 6.8 (there will be more of these if we do close at 6.3-6.5).

let me see if i interpret what u have said correctly, if there towards the end of the day there is enough volume , 50-100mil more to take out the 6,7-6,8 sellers and close on a high, then it would be a reasonably good assumption to buy before close? As when you say "and i think it will gap up 2mrw but only if the volume is there" you mean gap up if there is more vol this arvo?

ok thanks guys,

 

[CanOz]

Its seems no small players are selling much, 'someone' is going to have to pay more. Very interesting price action here. Price increasing on lowish volume.

 

[nizar]

thanks for your replies all,

yes i think i need to take a step back and reevaluate my methods, basically i think im way too inexperienced to be chasing prices and charts now, i think i need to rely more on research, whether that means reading lot of ann or just traweling through forums like these and seeing what people are excited about then researching it,

Nizar, a Q regarding the below:



Its already got 230 million odd for the day so far, do you mean 50-100mil more?



let me see if i interpret what u have said correctly, if there towards the end of the day there is enough volume , 50-100mil more to take out the 6,7-6,8 sellers and close on a high, then it would be a reasonably good assumption to buy before close?

Correct. According to my (very limited) experience. Remember when i said that it was about 200mil volume.

Even if it closes at the top part of its trading range for the day, so, above 6cents. There's a 70-80% chance of it gapping up tomorrow.

(forget about what i was saying about more volume, i was repeating myself unnecessarily).

Good luck.

Just for your info: my trading method is based on a break into all time highs or above previous resistance ie. 1 year highs, 3 year highs. The more historical the resistance and the increasing number of times it has tested this resistance in the past, the more significant the breakout.

So INL and PEN were looking prime from a few days ago. I couldve taken the position early like i did with MLS. With stop below the support. ie. PEN 4.2, INL 16 or 17. Or i could wait for the breakout to avoid a trade which doesnt go anywhere (ranges within its consolidation).

Price is king but volume is also important (i like to call it Queen). A break with volume would make for a low(er)-risk entry.

 

[Snakey]

IMO This share is on track for another increase tomorrow.
I'll hold at least till then.

 

[toc_bat]

thanks nizar,

i must say without an online commuinity like you guys this would be an extremely boring undertaking, esp whilst loosing money.

yes price is king, volume is queen, and i feel like their fool at the moment

edit : most of you guys have the advantage of holding form a while back, but would you go in today, before close, at the current 6,7-6,8 mark? i had my finger on the mouse buon at 6,3 during the lunch slowdown, hindsight is a cool thing

 

[CanOz]

You think so Snakey? I've got to make a decision in the next 30 minutes, our server is going down for the last hour of trading believe it or not , i feel like its good some good support at these prices now, market sentiment remaining in tact.



Cheers,

 

[Snakey]

share cycles:
(imo)
first comes ann
then comes hyp over ann and price goes up
then comes profit taking from the hyped up price and the price falls(Many people sell on good ann)
then comes bargain hunters to buy cheap shares
then comes price increase from demand for good value buying
then comes more profit taking and price falls to far
then comes bargin hunters and the price goes up to far
then comes profit taking and the price settles where stays for the time being

TIME OF EACH CYCLE IS INDIVIDUAL TO EACH SHARE
9 times out of ten shares will trade in this fashion
(IMO)

 

[Snakey]

You think so Snakey? I've got to make a decision in the next 30 minutes, our server is going down for the last hour of trading believe it or not , i feel like its good some good support at these prices now, market sentiment remaining in tact.



Cheers,

Looks good.
First day of run, but risky trade.

 

[CanOz]

This has got to be some pro money, a parcel of 1203 shares were sold @ .066 to flush out more sellers at .067!

 

[toc_bat]

snake

why do you refer to this day as First day of run?

how come you dont consider monday as the first, it rose 28%, or from 5,4 to 4,2c?

thanks

 

[SevenFX]

take a step back and reevaluate my methods, basically i think im way too inexperienced to be chasing prices and charts now, i think i need to rely more on research, whether that means reading lot of ann or just traweling through forums

Sorry did'n't get back earlier Toc_Bat ,

But 2 much happening...Anyway ,

I've cut a couple of things you said, and wanted to refer to them.

If your not reading charts and price action, your then reading reports, anns, etc which is whats commonly knows as a fundermentilist..(for me this is more time consuming, and time is more precious than money)

Chartists, read historical data which human emotions, geopotitical events & perhaps calander anns are all factored into the charts.. (only new here 2, so forgive me if I'm wrong)

If you can try to find a balance of both, and perhaps paper trade for while more, before fingers get 2 badly burn't.

I feel like their fool at the moment

edit : but would you go in today, before close, at the current 6,7-6,8 mark?
hindsight is a cool thing

We all start somewhere, usually inexperienced, and gain experience if we don't throw it in, or don't put to much on the table (expensive way to gain experience)


Also while you get advice from people here, bare in mind your money is most important to you, and not us, hence you should draw your conclusions from facts you have formed and not from forum chatter, that may be right or wrong..

Just my take on it...hope it helps.
Cheers
SevenFX

 

[Snakey]

Last chance to get on @.068