A while back I removed quite a few stocks from my public list. This is a good way to avoid becoming emotionally attached to stocks. There will always be another opportunity. What is even more important is to be open for new and fresh ideas. In my opinion that’s the essence of being a successful trader. The more you are willing to adapt to new situations the better your results will be. Keep in mind this is a marathon – not a sprint.
That being said I’ve started replenishing my Public List with new stocks and trading ideas. Most of the time I am not looking to enter new additions immediately. I watch them and try to get a feeling for the stock’s personality. Another reason for doing this is to give you the opportunity to watch and see how my thinking and the way I draw and redraw trendlines evolves over time.
My approach does not involve any secrets. Every day I scan for above average volume and apply what I’ve learned trading the markets over the years. There is no substitute for hard work. Do your own thinking and your own DD. That’s the only way to become an independent trader.
Right now I am closely watching the following stocks to set up. I’d like to see some kind of consolidation patterns that offer pressure before I enter:
- NXT.V – Natcore Technologies: A Solar stock that is very strong right now. Waiting for a bullish flag type pattern to build.
- BSK.V – Blue Sky Uranium: Ross Beaty’s Lumina Capital took part in the recent private placement. That’s a good sign. I am not going to chase that Uranium stock though.
- PX.V – Pelangio Exploration: I like the chart. Great potential. I think the chart is not quite ready to explode to the upside yet. Just watching.
- LSG.TO – Lake Shore Gold: Merger with WTM.TO – West Timmins Mining should be done soon. Good stock if a prolonged gold bull market is indeed to materialize.
- EVG.V – Evolving Gold: Private placement at 0.90. This should be a decent price floor for the stock. The next drill results will determine the direction of the next move.
Never fall in love with a stock!
Have a great evening!
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