I closed GFA today.
GFA is a Brazilian housing company. My reason for entering the trade was that Brazil stocks had looked strong and this was close to a breakout. So first the EWZ, which tells the story-- a nice breakout and then failure.
GFA suffered the same fate. On the weekly chart it looked like it was making some progress but then failed to break 3.50 and sold off below 3.00. That was my stop and I honored it.
On the daily we see a failed breakout that is accelerating.
So what's the damage. Purchase at 3.42. Sold 1/2 @ 3.09 and the remainder today at 2.99. Total loss of 1.14 R. No losses are fun but I keep this one small. In that regard, I cannot complain.
In summary, my Brazil trade failed as the Brazilian markets sold off and most of the ADR's similarly had failed breakouts. I might look at getting short some of these names.