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Underexposed - Canadian Stock Journal
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Underexposed - Canadian Stock Journal

  #331 (permalink)
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Nice job journaling @Underexposed.

I want to let you and all your readers know that in October futures.io (formerly BMT) has a Trading Journal contest w/prizes. The contest runs October 1 to October 31, and the three best journals (as decided by futures.io (formerly BMT) members) will receive a 150K combine from TopstepTrader.

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https://futures.io/feedback-announcements/33355-october-trading-journal-contest-w-prizes.html

That thread will be open for posting starting Wednesday, October 1. As the author of your journal, you need to make a post in that thread linking to your journal, and then ask users to press the "Thanks" button on that post if they want to vote for your journal to win the contest.

Members can vote for as many different journals as they want. Votes are cast in the Contest thread only, and only on the first post made by the author of the journal that contains a link to their journal. This is done so I can easily count the "Thanks Received" by author/journal, and award the three prizes.

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  #332 (permalink)
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Big Mike View Post
Nice job journaling @Underexposed.

I want to let you and all your readers know that in October futures.io (formerly BMT) has a Trading Journal contest w/prizes. The contest runs October 1 to October 31, and the three best journals (as decided by futures.io (formerly BMT) members) will receive a 150K combine from TopstepTrader.


Mike

Thank you for your vote of confidence in my journal. I enjoy creating it and I have a few followers that I know of and many that are lurkers and that is fine.

My style of TA is pretty different I know and for the most part does not fit in with most of the trading that goes on here. I am happy to have found this site as the tolerance level of different approaches is very high and participants are quite respectful others.

I will not participate in your contest though. It is not that I am not competitive (I am too much that way in reality) but rather the prizes, were I somehow lucky enough to be in the top 3 journals, are something that I would not be able to use as I do not participate in that type of trading.

So I would ...with respect...not participate in your contest...but thank you for your comments.

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  #333 (permalink)
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attempt at a new swing trade


I am going to try something that I have never done before but want to test here.

I believe that Kelso Technologies has reached a bottom and is starting to climb. I will show why I think so and then how I intend to use this for at least a swing trade (it would not hurt my feelings it is turned into a long term play


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This support seems quite solid to me being the top of an "x" column and the bottom of 2 "o" columns since April at $5.45

there is a pretty strong resistance band from $6.15 to $6.25...there are many many resistance levels after that but it will be tough sledding at that point.


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this chart shows the beginnings of what I call a MACD/BBwidth squeeze. See in the circle how the Slow Sto is starting a rise for the last 2 weeks and looks to be breaking over 20. The MACD and BBwidth are reversing direction hence the "squeeze"

Now this is not a done deal...it might be a rest...let's look at the other charts


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Not the most bullish chart in the world but the RSI has changed direction and the DI +/- are converging ....not diverging....the CMF is at least stabilized...a bit.


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nothing in this chart is particularly encouraging except the CCI is climbing out of the mud. The Ichimoku has a lot of work before it is remotely bullish

Conclusion

This is not a long term play at all...I cannot buy and forget it. But I want to try this as a swing play from $5.45 to $6.15.

I will buy this stock tomorrow at $5.56....unless it drops a bit but not below $5.45 in early morning trading. Once bought I will set a Limit stop-loss from $5.40 - $5.43 to protect myself in the event this rise was a head fake....if all goes as planned I will raise that stop-loss value trailing by about 15 cents until it sells. I think the BB's will tighten though in 7-10days and I may pull the trigger and sell if it looks to fall or add if it looks like it is going to take off.

I will get 1000 shares this way

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  #334 (permalink)
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Well it was a good idea...but I never got a chance to really try it.

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As you can see the stock opened at $5.62 and rapidly climbed from there to $5.82 then higher. If I entered at that point I would have been 2/3 of the way to my target of $6.15

Not worth the risk any more...I have always liked Kelso Technologies [TSX:KLS] as a long term play but that resistance band above $6.15 discourages me from re-entering at this point.

I don't chase stocks when I miss my entry...so will watch this stock and look for others to try a swing with.

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  #335 (permalink)
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revisitng EnerCare Inc [TSX:ECI]

Canadian stocks right now are not doing well in general. In early September I set Limit Stop-loss orders on most of my stocks in this fantasy portfolio and Enercare was one of them. I set the Stop-loss level too tight and it stopped out as can be seen from a record from the spreadsheet that I keep on the portfolio.


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I only lost $174.98 on about $6880.00 play...it was a trivial loss all considered but at the time it made sence and using Limit stop-loss orders takes the emotion out of a sale.

I decided to revisit the stocks that I have sold since April and I believe I made a mistake on this one. There is only one other stock which I will talk about in the next post that I think would make a decent swing play.

But this is a long term play for ECI.TO, not only is there potential for long term gain but it also pays a nice $0.06/share/month dividend .... I had only 500 share but it did produce one dividend while I had the stock for $30.00 cutting that loss a bit.

Here is the new look at the charts I use


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You can see where I bought the stock and where it was sold...that doji shadow was enough to trip the stop-loss. It was obviously set too tight. The circled area shows you what bothered me about the stock....the declining Slow Sto and MACD that (in my mind) was just waiting for the BBwidth trigger...but that trigger still has not been pulled.

So it was a mistake to sell...not a big one but a mistake none the less.


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you can see in the circled area...what looked bearish on Sept 24 now has rebounded for the CMF, the RSI is neutral after declining and MORE IMPORTANT...the DI +/- which looked to be going bearr is now FULL on BULLISH

A very nice chart that one

Now the ICHIMOKU CHART


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this chart has recovered as well...the Ichimoku chart shows the price rising above the clouds not falling to them., the CCI is bullish and the Onbal Vol is in recovery

Conclusion

I will make a larger purchase this time as I have more cash now. I will purchase 1000 shares tomorrow at the closing price today of $13.66. I will enter the order at the bell...I may get it a few cents cheaper if the price drops further.


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Status Oct 1, 2014

Well the Canadian market is still in a funk....Hopefully that latest order for Enercare will change things. Here is the state of the union now


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the other stock I am looking at is one that I had before...it is an oil stock...a very junior stock at that on the Canadian Venture Exchange...it is [TSXV:MEI] I had bought it near the beginning of this journal.


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you can see the MACD/BBwidth squeeze that I have talked about which shows the end of a fall in price...the MACD is now getting better but the Slow Sto has some work to do.

If I see a rise in the BBWidth and continued rise in Slow Sto and MACD....then I will make a swing trade on this stock


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My order for Enercare [TSX:ECI] filled in early morning trading at $13.66.... it has since fallen but expect a recovery

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well as expected ECI.TO has recovered to a small gain overall.

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this is not a breakout yet...the BBWidth is still very quiet....still wandering down that BB tunnel

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Status Oct 3/14

Well this is proving to be the longest string of negative weeks, since I started this diary and pretty much represents real life in the Canadian markets.

there is still an overall 2% gain and still 2 months to make the average 7% gain for the year...(actually 8 months since I started this in February)

It is gold that fixed me this week look at the charts below


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the drop today brings us to an EXTREMELY IMPORTANT support line. It is pretty strong and one would hope for a pullback from this abyss. How important is this support? Just look at this chart.


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this support goes all the way back to 2010....breaking this support would see the price of gold easily fall to about $1150/oz and if that fails...it is difficult to say how far it will freefall. $1000/oz will be a psychological support for what that is worth.

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It affects me because I am still loyal to Lakeshore Gold Corp. [TSX:LSG] and it fell 11 cents. I have a limit Stop-loss on this stock at $0.97 and that will stay there...you have to take the emotion out of the sale and it is easy to get caught up in emotion given present circumstances.

My chart does not say sell at this point. The stock is in consolidation...I am amazed how well this stock is holding up. If Gold rises off this support with strength this stock should take off.

EnerCare [TSX:ECI] rebounded after yesterday and I think this contrary stock will perform well..

Here is the Status for this week....

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head is still above water...but treading like mad


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Enercare takes off....


Well I made a good choice there so far let's look at my charts


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this chart has now turned quite bullish. An ascending triple top breakout is about as good as it gets for P&F charts. Not only is it a triple top breakout but it is also the highest ever so we are headed into the stratosphere so we cannot predict a resistance...there is a broad band of support between $13.50 to $13.90 including a diagonal support line as I show in the chart


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Now this is a really interesting chart. In the green circle you see the beginnings of a breakout...See the Slow Sto leading the way? This is normal and it is reaching for 80. The MACD has had a very mild positive slope until today ..now it is accelerated...and the BBwidth is finally turning up.

What is the difference between this rise and the one on Sept 1 , circled in pink. Notice on that one the Slow Sto was sloped negative, as was the MACD though mild and the BBwidth was flat...that rise was going nowhere.


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this chart is all bullish....fairly mild at this point with the exception of the ADX DI +/- which is full on bull as the green/red lines are diverging nicely


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I like the Ichimoku....the share pric has risen above the green cloud....look how the edge of that cloud acted as a support on Oct 7...it was right after I had purchased it on Oct 6... the Shadow of the candle touched the green cloud and bounced back...always amazes me at that. If you look in that circle at the thin red/blue lines you will see the blue one now above the red one

The CCI is full on Bull and the On Bal Vol is pretty neutral so far.

Conclusion

I like this stock....I like the dividend and the fact it looks bullish now.

I have $44,000 or so in cash.

I will buy with a LIMIT order an additional 1000 shares of ECI.to @ $13.90.... I will place the order immediately at the bell tomorrow...if the price falls at the bell I will grab a lower price...

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