The week of October 30
- I deposited $150.00 into the RRSP account. There is 192.17 in cash now.
I’m still waiting for the market to correct, even by just a little on the weekly chart before I do anything. My focus is also elsewhere as I have an exam tomorrow for my Technical Analysis Course. Even though technical analysis is my ‘thing,’ it would be totally humiliating if I didn’t pass. I’m actually studying much more for this exam than I did for my last one. This also means I’m putting in zero effort in looking presentable around the house. JP drew this picture of me this morning:
If this is how I look right now, JP must really love me for what’s inside!
I haven’t been interested in opening any new positions in the last little while because I’d rather wait until the market has had a correction. For JP, his strategy in trading an extended market is to trade this bullish sentiment with shorter term trades. He took a beauty trade last week worth talking about.
JP bought shares of MOGO.TO last Thursday. Then on Monday, KABOOM! He sold 2/3rds of his shares. On Tuesday, he sold some more shares. Now he has a small number of shares which he’ll keep in for a longer time period.
The thing is, MOGO has been on JP’s radar for quite some time now. It’s had a number of breakouts (November 2016, January 2017, February, and April). He either missed the breakouts or wasn’t paying close enough attention to during those times.
MOGO had been building a base over the last two months. It had consolidated, trading sideways with the price range tightening up on less volume. In a bullish market, this is a money setup. JP’s patience paid off with a handsome profit made over just a few days. He also bought shares of PUR.TO and DRM.TO. I hope these trades work out too!