Amo wrote:


2 levels of resistance at the same level so worth the short on first attempt basis.
Your getting the idea mate well done.

Good on ya for having a go!

That looks an OK shout for a day trade BUT...if you look at the previous gap at 52.7, the SP went as far as the horizontal resistance at 58p before an intraday retrace and then closed above it only a couple of days later so that gap didn't prove too effective. That would weakne my confidence in the next gap trade. Here's a chart:



dl.dropbox.com/u/20815047/CEYdaily15_01_13.gif

I'd have more confidence to go short at 78p as that's a stronger resistance and the 61.8% Fib is nearby at c. 65p but if this has formed a low a 19p then I'd prefer to wait for it to top out (look for a lower high), then wait for a 50-61% retrace and go long there instead. It just so happens that if it does go to 78p as a short term top then the 61.8% retrace is almost exactly where it gapped up from at 44p on 8th Jan.

I'd have to say that I think there are better trades out there at the moment so for me this would be a paper trade jobbie just for practice/learning.

Just IMHO - your analysis could turn out better than mine and that's the game!

I managed to access ProRealTime simplified charts. So how about a potential first time short at the 64 area. Gap resistance and the 50% retrace Thoughts?

dl.dropbox.com/s/udla9hivntfmh59/CEY.PNG

I'm at work mate so unable to access any chart software due to browser restrictions. I will give it a go when I get home.

You're right though, I should attempt a chart myself before asking for views. I guess its a combination of being lazy and lack of confidence in my own knowledge.

Amo, why not have a go yourself and then get some feedback? It's the best way to learn...

Hi Remo/Others,

I'd love to hear views on where CEY could be heading now. Fundamentally the recent fall due to political situation now looks like it was an over reaction. There was a slight pull-back today after a massive move up but technically where does the next move look like it could be heading?

Thanks in Advance.
Amo

Anyone looking at CEY now with news of shipments being allowed to proceed... great news for CEY holders. Wonder what the spread will look like tomorrow am?

oh.. back to 0.3p spread. strange behaviour

won't be no cheeky first touch punt with spread at 34p - 69p lol

too late it's already bounced 20%!...I'd be selling at 57-62 if I was lucky enough to get at 44p

somtimes this strading lark sucks, but for others it can be gambling opportunity

been making some decent profit on this till today ..... ouch 50% down so far

af.reuters.com/article/commoditiesNews/idAFL5E8LU3JF20121030