Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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IG, the RSI has fallen today, leaving plenty of room for the SP and it, to move up. There is plenty of room for it to move down too, so I will not be using the RSI to influence what (if anything) I do tomorrow as its in no mans land.
You only trade when the indicators give an overwhelming odds of being correct.. Tomorrow is not one of those days, so no contradiction.
'Which by the way, could continue tomorrow. There is nothing to say its finished, but given the Fundamental driving force I would like to think its up tomorrow.'
That's hardly a glowing recommendation for using RSI is it.
Maybe aye maybe no
I think all of us here have different approaches and no one can be criticised for their approach.
Some like me who have been in from the placing want to see it to the end. From day 1 , I've believed in the end product of buffalo and the technical analysis provided by peterkin over the last few months just makes me confident of a positive result.
Ultimately I will live and die by the sword on this one. I just think (my own view) it just doesn't get any better than this. To be fair that's what Peterkin said in his IG interview.
All of you who have de-risked, well done, that is the smart way.
I am however confident of a grin from ear to ear by Friday , if not, hey ho. It was a journey.
Hi Rum,
Its difficult to say what i "expect" because I never try to predict whats coming. (I know that sounds odd).
But the RSI for me is the single most reliable indictor in these small stocks (incl FTSE100), so I guess it might sound pedantic, but I think what is "most likely" to happen rather than expect, if that doesn't sound too hair splitting?
So although yesterday there was still room for upwards movement today, I thought it would either be small (a tenth or two of a penny) or it would fall.
Once it started to pull back I was pleased only because it HAS to happen and what I find most frustrating if a stock that is over bought starts to fall and then rallies through the day to more or less where it started just means I still have to wait for the retrace at least a day longer!
So today I was pleased to see it hang on to its retrace.
Which by the way, could continue tomorrow. There is nothing to say its finished, but given the Fundamental driving force I would like to think its up tomorrow.
As for other posters thoughts, i am not remotely claiming anything by not looking at other popular indicators but my "system" such that it is, by only working on end of day closing prices and using something as blunt as the RSI works fine for me. The other indicators and different timeframes give too many conflicting signals when to buy or sell for me.
The rule is that if you use more than one indicator then both (or as many as are used) should all say the same thing before you act on it. I found that I had not the patience to wait for these Ducks to align themselves in a neat row when I was day trading so invariably I had hit & miss results.
As I have said before this is just a hobby now and ironically, this very simple straight forward system is doing remarkably well in its accuracy (Its not perfect but the success rate is plenty good enough to make money at, for me.)
I think trading is obviously about finding what works but also it has to rub along with the character who is doing it.
I know I have not the patience or the resolve to day trade with the pressure that comes with it, but pottering about with one time frame, a couple of very reliable patterns and the RSI works wonders for me coupled with no time frame to hold or sell the stock to.
I don't use leveredge so there is no pressure there and I don't bet more than I can afford to easily lose, and that is more than half the battle! (well, it is to me!)
Cheers :0))
At first I thought my eyes needed a rest from reading EnergyGeos posts,
Wednesday Night UK/ Thursday Morning Oz was his estimate..
Could be tonight though
@dai
Yep, you made the wrong choice there ;) . Not my musical taste either.
Punk, Indie, Rock, Metal is more my taste.
dai
Kate Bush. You’ve just ruined a childhood fantasy by pointing that out ;)
@SGF, kate bush.. Years back the lad next door decided to sell me 1 of his sisters 45s, I had a choice friggin in the riggin or Wuthering Heights, picked the wrong one even then, kates,,
Check the nose out 9-10seconds, you might change your mind briefly...
https://www.youtube.com/watch?v=-1pMMIe4hb4
Your doing well with TM1, is DBD in there too
The charts say whatever you want them to say.
@dai
“A bird in the hand is worth two in the bush”.
That reminds me of a joke from my mis-spent childhood..
.
One in Kate Bush is worth 2 in the hand. :-))
Actually, in all seriousness, Wyn, did you also expect the SP to remain flat in the afternoon trading? See if I can learn a lesson.
I've got to stop going to bed at 8. No, I read your post and agreed with it, I was expecting a retrace later in the week, but now that I think how about it 'later in the week' is nonsensical with expected news timeframes. Damn
ah yes, wyn seems to hang alot on the rsi, has never mentioned macd once
Oil is up 50% since then though.
So am i :-)
TA v FA....
Back in April Optiva gave 6p as a conservative outcome of 1c being certified as reserves, based on a successful appraisal well and subsequent development project. So I guess if you got in 2-3p May/june, and almost doubled your money yesterday then selling up must be a serious consideration.. A bird in the hand is worth two in the bush
Anyway I am sticking with Wyn
What about you IG ??
@wyn
Thanks for the quick response. I must admit I was expecting a bit of a retrace this afternoon. I think some people are getting carried away with TM1 and expecting gains everyday, which we know is not sustainable.
I am looking to buy some for a mate (I manage his ISA/GIA for him), but I’ve held off today as I felt it could be a bit overbought. I do like the fundamentals though as a long term investment.
It depends what im trading, but i always use the same parameters...20/80 and period 7
With shares it will be the daily but i also keep an eye on the weekly.
With FX i use the 30 min chart. (im in n n out on the same day).
What timeframe do you use JEZZA?
None whatsoever :-)
Wow, so an oil strike and 20,000 barrels a day would make no difference?
SGF,
The RSI is running at 79.96 so tomorrow looks like a pull back day.
Its never guaranteed of course, but the text books tell you that if the RSI goes to 70 its a sell, but my experience 80 is more reliable to trade on, so at 79.96 I thinks its much more likely than not to fall tomorrow.
4.95p would be the first pull back but thats pretty close to its current high, so i would expect a bit more.
If it really wants to shake a few nerves it will retrace to 4.09
Using one indicator for price predictions especially the RSI and you will go broke very quickly.. imo
@wyn
Healthy pull-back is good IMO.
Can you check out TM1 and give me your thoughts on it’s potential movements.
Like ADV it’s moved a lot since NY, so be interested to hear your thoughts on SP.