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Amirkat - Indeed, but the problem is unless you are in it you won't make anything..I don't feel comfortable being in it now, but I have a stop loss on all my open positions. I lost out too many times in the past by being too cautious.
The biggest worry for me is if we leave with no deal. I can't imagine anything other than a huge negative impact. I had a lot of exposure on VW so I closed that trade, its one that I feel with a no deal was my biggest risk given how many German cars we import.
Other than that I do feel the time to be in travel stocks is now, hopefully RR can go up a bit between now and the 10th Dec when the US will decide on Pfizer so that if it is not good news then I have a buffer of perhaps 5% or more before hitting my stop.
If that goes well then on the 17th Dec the US will decide on Moderna and on the 29th the EU will decide on Pfizer. I'd imagine if on the 10th Pfizer is approved by the US what happens on the 17th won't really matter that much.
On the day we got the news that the UK approved Pfizer not much happened, but I believe it was because the market was down everywhere. Since then the UK market has gone up strongly so I feel it had an impact, I just need to look at my travel stocks to see it. It was just a little delayed and probably the brexit decision holds it back a bit.
I guess the plan is to get into travel stocks, build a buffer, put a stop loss in place and wait for those dates hoping that in the mean time a no deal don't derail everything...I'm well in profit with all my stocks so can take a hit before I start to lose my own capital, it's just on RR I don't sit pretty now, but then technically I have the profit from 100 - 120 as buffer.
Huge risks indeed. But if they approve these vaccines this could be the best month ever. Also I'm in CCL and they are an American company, one can play the stock market and the possible vaccine approval by buying some US travel stocks which will not suffer like UK one with a no deal brexit.
Sold yesterday and afterwards the shares went up further which I regretted. I just got back in with about £14k with £20k more free to invest.
Why? Well I may be wrong but I looked at the price action on the charts to see why is RR going down and all my other stocks is up. It's not crossing over from above 70 to below 70 on the RSI on the daily chart but RR is crossing it on the 1 hour chart.
To me that and yes I'll probably end up eating my hat is merely algos selling at that signal. When I look at the others like IAG, Ryanair, EZJ, BA, CCL etc that are all up today you'll notice on the 1 hour chart none of them are crossing from above 70 to below 70 on the RSI or even on the 4 hour or daily chart.
I write algos and that is a sell signal, some dumb algos only sell on that signal and others use it as part of another signal like crossing a MA , candle patterns etc.
Anyway, time will tell but I've noted that when stocks go down and I''m trying to work out why when others are up like today, one thing that stands out is have they crossed below 70 on the RSI indicator bar the whole market is not down or news affecting it came out.
I'm not into technical analysis when trading manually except I take note of this one indicator but as someone who codes algos and understand how they work I've realised even when we think the RSI indicator or other technical indicators are rubbish and market sentiment is driving prices right now which it is you need to remember most buying and selling is done by algos and they'll respect indicators with the RSI an important one. Meaning it's extremely unlikely an algo won't execute a sell order when price action moves past this point i.e, from above to below 70. It's usually a case of if the open of the current candle is above 70 on the RSI and the price is below i.e. that way you know ti crossed it then sell or use with another indicator to determine whether to sell.
On the daily chart RR is far away from being overbought so I bought it. It's being sold IMO today because the large move yesterday on the short term chart it will show as being overbought not perhaps because it is but because it compares it to previous days and that meant if it runs just a little out of steam today on this short term i.e. 1 hour chart it will cross it and algos will sell it...
May be wrong...Yesterday I timed it wrong with a sell...Either way, yes the RSI is a lagging indicator, it does not move the price, price moves it, but the point was algos respect that crossing when it happens meaning we must respect it if you want to enter a trade. It's also touching 70 on the 4 hour chart, might go a little further down if it does cross, but still it is a short term chart so unless brexit ruins this next week it should carry on up...But I'll have my hat ready just in case. If anything it will be interesting to hear what others say. if I'm talking crap then please do educate me, I'm trying to work this out and improve my entries and ex
@Flaklandinvestor - Yesterday I placed a few spreadbets(limit orders) on Lloyds but eventually closed them before they were triggered. The idea was to maybe get a point or so today i.e. hoping for a bounce as often happen after a down day.
But what held me back is Lloyds like so many others are heavily overbought i.e. well above the 70 on the RSI. To me that RSI level is a warning sign even if stocks can stay overbought for a while, it does always eventually come down unless it's Tesla off course! lol
It's what has made me hesitant to buy many others too. May I ask what prompted you to place such big bets? At £4.5k per point you have clearly been much more successful than me in your trading career. Just trying to learn. I don't take much notice of technical analysis and I've studied it in depth before but RSI is a level which I've noted is worthwhile paying attention too especially along with the rsi level of the index in which that stock is i.e. both above 70 scares me off. What made you place this trade yesterday? Obviously it could have bounced and it would have been an epic trade but the market to me was far to overbought to buy.
@Streets36 - I feel your pain. I missed the vaccine news. It was my birthday and I took a break from trading on that day and missed my birthday present! DOH!!! lol
Anyhow, I sold £7500 of Boohoo stock, and put that along with a further £7500 into TUI, AIG, CCL, LLOY and RR. My worst performer is LLOY at about 7% up and bare in mind I bought well at the top and well after the vaccine news. The rest are either at 10% or well over...
In that time Boohoo went down, so the price is lower today than what I sold it for...And then I have another £50k invested in Boohoo in a different ISA account just sitting there...It's not done bad, but had I distributed that money across the stocks I just mentioned things would look much different.
Not wanting to be greedy, but this is a once in a life time opportunity, gotta make it count...
But like you I'm worried I'll sell and then the next day a trading update comes out or positive RNS or the auditor is announced etc and I miss that rally and then it's another DOH! moment....
I think we are all here because we know this is massively undervalued and it can jump more than most stocks out there on any day and keep going..I believe this stock can go to 1000 but as you said all the negative sentiment and news is just keeping its head under water...
But when do I draw the line...
We are all waiting for the rally, but whilst we wait for this rally everything else rallies like crazy to the point when this finally does rally even to 400, we would probably still be worse off than if we got out and got in elsewhere and took those rallies...As I said I've gained around 20% on the money I took out of Boohoo and put elsewhere without really risking it. So already Boohoo must go up 20% just to be level with that...
This morning I was going to put another £5k into Boohoo to see if whatever Asos reports on Thursday may lift it, but then I put it into TUI and it's flying and Boohoo went down...
First world problems eh...Patience is definitely wearing thin, I think I'll wait for the trading update which I hope is in beginning of Dec and that should be good, hopefully it rallies and the perhaps bail out.
Rant over
@Ian.B - I think it's because PI's are scrambling to free up cash to invest in stocks that will be favoured by vaccine news. So basically it is a mad rush to get money out of stocks like Asos, Boohoo, Tech stocks etc that was best suited to the pandemic. Just have a look at how much Asos dropped since and incl. today. I just sold £8k wortk of Boohoo shares although I still have about £50k left. But it's performance has been dismal since the vaccine news and even just before that when everything else has been flying. I guess it is time to prepare for post pandemic times even though I'm not sure it is over by any stretch of the imagination but the stock markets only cares about light at the end of the tunnel. I guess the trick for me is to get out of Boohoo and use the money to hopefully ride the vaccine news out and then get back in before the next quarter's news whilst hoping that the next auditor is not appointed in the mean time and miss that potential rally. But who knows, it will probably come alive just as I sell the rest of it...
Poleaxe - Oh dear, why would I have thought it would work for me and not you... Apologies, it allowed me to do preview order and even click confirm order but then it throws up - "CLOSING DEALS ONLY - You can only place an order to close on this market. For further details please call our helpdesk." I did manage to place an order on my Saxo Account.
Watched it yesterday but didn't buy so today I saw the price and thought better get in. Find it hard to buy when a stock tumbles, makes no sense to me to buy then but I need to learn to take the risk especially on a stock like this that shouldn't tumble.
Anyway, managed to get £5k worth of shares at 255.10, I then placed a limit order at 250.10 for £10k and carried on with my work. I looked just now and I managed to get 566 shares at 250.10.
Dammit, so my order for 3998 more shares at 250.10 is still pending and I guess I missed the boat not just yesterday but it also seems today as well..
Any suggestions what I do from here? Wait till afternoon or buy at the price it is now?
I'm always too greedy with prices and then I miss it like yesterday when I had ample chance to buy at 240 and 245. I'll never forget when I had a limit order in for VW somewhere in March ir April when their share price was around 100 but I wanted it for like 98 or something. I always feel I have to get it for a little less.. The next day the markets bounced and I never saw that price again, I still regret it as I can still see it...Made money on it later on bit missed a lot too.
Who are you trying to convince, me or you when you say this board is not for advice but for discussion? I personally wish that was the case but it's people like you who turned this board into a joke.
And you say I don't care if you loose money. ..
No, let's be clear you wrote this, not me but you. This is what you think and what you feel. Please do not project it onto me thank you.
Your entire message just confirms that people who is most vocal about others not being able to compromise or whatever they complain about is usually most guilty themselves of that same crime.
Your whole post and all your actions to date smacks of someone desperate for approval and validation of others and this is just another attempt to justify your actions.
Please follow your own advice first before telling us to follow it.
"For me, if PWC didn't indicate and intention to resign and Boohoo simply decided to change auditors then this is just media scaremongering. I guess the truth will come out in the wash either way."
Well according to what I've read - PwC was just reappointed for another year in June ...
To me it seems pwc hasn't resigned nor terminated their contract but rather they gave notice to Boohoo that they will not renew nor seek to renew their contract at the end of this year because they are still Boohoo's accountants and I'd imagine they need to see out the year. Unless they actually had agreed a multi year contract extending beyond this year then I guess they have resigned...
Perhaps pwc has been wanting to get out after the slavery allegations as lets face it, nobody wants to be associated with that , and the latest stories about money laundering may just have given them an excuse(clause in the contract) to terminate their contract, but again only if we assume they had one beyond the current year.
Why they decided to make this decision known this early on after just renewing their contract is odd unless they are contractually obliged to give notice although nearly 8 months notice seems quite excessive but then I'd expect at least 6-months notice.
Now I think it will be foolish to think this is just a simple changing of the guard given the stories that have been surfacing as of late and the result of the Alison Levitt report that only came to light after pwc renewed their contract with Boohoo. We may never know...
But equally it may also just be that Pwc may simply feel under pressure to distance themselves from BooHoo in our politically correct society. This would be pretty standard practise, I'd imagine pwc would almost be obliged to terminate their contract on these allegations. The world we live in works now in such a way that unless they terminate their contract it would be deemed that Pwc approve of Boohoo's practises and slavery even if Boohoo was found not guilty of slavery.
One could actually argue what other choice does Pwc have...They have many other clients and some of those clients may be under pressure to terminate their contracts with Pwc unless Pwc distances themselves from Boohoo i.e. slavery allegations.
There is probably nothing else to read into this other than people and companies trying to distance themselves like they did after the allegations about Tiger Woods came out(Sorry bad example but it just popped into my head).
I agree with you, I'm really not sure what I thought buying into a company like this during a pandemic like this in which social distancing is the order of the day.
Guess I wasn't thinking and boy did I pay the price for it. I jumped out this morning when I read 'going concern', that is not words I want to hear.
To be fair I had time to sell, my open was around 64 and I was in a profit at one point, I need to learn to use stops and respect them. That is why I lost this much. Why is it so hard to respect a stop loss...
Anyhow, having watched the market over the last couple of months, if this stock doubles tomorrow that won't surprise me.
I've now seen stranger things happen over the last few months.
I sold my holding this morning for a loss of £5k. Yes, that really hurt.
I then decided to short it to try and make some money back and at one point I was up to £1200, just to step out get a coffee and come back to see it for whatever reason jumped 5% and closed out on trade.
Ultimately I made £500 on another trade.
Late in the dat before close I jumped in again to open another short but it had fallen a lot by then so I was a bit worried if it was the right thing.
However I checked the shares sold and I noted the following:
Trade Time Price Quantity Bid Offer Buy / Sell* Deal Value Trade Type
Jul 8 2020, 16:35 37.84 955,281 37.84 37.86 Sell £361,478.3304 UT
That is the biggest sell order I have seen so far. That seems pretty serious.
Feels odd and wrong to hope it goes down, people will lose their jobs which I don't want and also after I was in it for so long hoping it would go up.
I just want to try and make some money back, guess if it falls flat and I'm not in it, then I will only have myself to blame for not making up my losses. But it may still come right.