The Greek Composite Index is up 1% today but my 11 stocks are performing far better. Excluding VOVOS stock they were all recently bought and my Greek stock portfolio is even stronger today that a couple of them are 4% or more up. The trading system I’ve been following when trading the Greek Stock Market isn’t anything special, just basic technical indicators and common sense. I’m not relying on any news hitting the market rather than watching the stock graphs and entering at the right time. Most importantly when trading the Athens stock exchange, the trader must be careful enough when picking his exit points.
ELLAKTOR stock is by far the best performer in my trading system and I have already discussed about the [intlink id=”933″ type=”post”]ELLAKTOR stock’s analysis[/intlink] here at TradingGraphs.com. Hopefully some of the readers might have caught the latest uptrend like me, as I bought many ELLAKTOR’s shares at €2.89 a week or so ago. The stock is trading at €3.50 at this moment, which is an important resistance level. If you have entered long, it’s a good strategy to lay off some shares now but not all, as the stock might continue its uptrend up to €3.70 and even breaking even that major resistance level. If so, the ELLAKTOR stock price could reach €4.00 in the following weeks.
FOYRK stock on the hand was a fine example of a delayed entry. Unfortunately I missed the early signals found at the stock graphs and didn’t buy the stock until a couple of days ago. Otherwise I would surely have bought some shares at €6.00 level a week ago. However upon watching the established uptrend on the daily stock graph, I couldn’t resist buying FOYRK shares but keeping an eye on exiting quickly. When entering long in such an uptrend, you should always expect a sudden retracement. You always risk to be entering at the peak of the uptrend and get trapped in the retracement, possibly not reaching again the high peak you bought the stock. The stock price I bought some hundreds of FOYRK shares was €6.70 and now that the stock is trading at about €7.50 seems a nice resistance level to exit my long position.
Another very promising and already well performing stock is ELBA. Once again I have already talked about my [intlink id=”933″ type=”post”]ELBA stock pick[/intlink] before, explaining the reasons behind my decision to enter long. Now that the stock price has pierced the upper Bollinger Band I’m pretty sure it is the beginning of an uptrend that could at least go up to €1.50, that is the upper Bolling Band at the weekly graph. It is also a major resistance level according to the ELBA daily graph and I’m going to sell some of the shares at that level, holding on to some in case the stock goes for higher price, such as €2.00. If you haven’t already added ELBA in your trading system, you should be cautious. ELBA stock is consolidating since January 2009! That is the stock price is moving sideways and my trading goal was to catch a movement inside the trending channel. There’s no guarantee the stock price will again reach the upper limit of the channel. Although the Fail Bottom formed at the weekly graph was very important, we still need more verification if we are to trade for months.
Fridays are usually not the best days for the Greek stock market, but this time it is certainly a great day, at least for my trading system!