Hi,
Surprised we didn't get to the bottom of the channel, but that happened this year at least once. Up until yesterday, it felt like it could have gone either way .. to the bottom or top of the channel. Now it looks to be hungry for another visit to the top.
Have drawn in potential paths to the top and down to 50% and 62% fib levels, just as a guide/guess. I will be watching for bounce off the potential rising support of the bottom of the channel as an early buy indicator. Overall, the whole buy back plan needs modification,.. the buy zone was unreliable. Perhaps just trying to catch the falling knives is as good a plan as any, as long as profit has been realised at that point. I'm after profit, not mega profit.
My new plan :
Wait until it gets right to the top of the channel (I was impatient last time).
Watch carefully... it may break the channel,..and then a new plan will be needed urgently.
When it feels "toppy" slowly sell 10% of holdings, keeping some back in case it goes mental over the channel.
Stop selling when below the sell zone
If I miss the selling opportunity somehow,.. that's fine - I will go and do something else for a few weeks/months/whatever.
Surprised we didn't get to the bottom of the channel, but that happened this year at least once. Up until yesterday, it felt like it could have gone either way .. to the bottom or top of the channel. Now it looks to be hungry for another visit to the top.
Have drawn in potential paths to the top and down to 50% and 62% fib levels, just as a guide/guess. I will be watching for bounce off the potential rising support of the bottom of the channel as an early buy indicator. Overall, the whole buy back plan needs modification,.. the buy zone was unreliable. Perhaps just trying to catch the falling knives is as good a plan as any, as long as profit has been realised at that point. I'm after profit, not mega profit.
My new plan :
Wait until it gets right to the top of the channel (I was impatient last time).
Watch carefully... it may break the channel,..and then a new plan will be needed urgently.
When it feels "toppy" slowly sell 10% of holdings, keeping some back in case it goes mental over the channel.
Stop selling when below the sell zone
If I miss the selling opportunity somehow,.. that's fine - I will go and do something else for a few weeks/months/whatever.
