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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

RE: SIMSCI 21-June-2006: Long Trade closed

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[photopress:SIMSCI_full_day_15.jpg,full,pp_image]

Position was closed at 277.3. SIMSCI futures failed to push up further after reached 278.1, 0.4 points away from my target. So near ,yet so far. That’s trading. RSI off the high and fell below previous low. And spread of SIMSCI seemed to be abnormal. Europe and U.S futures were turning red as well. I was not comfortable with the situation to Long SIMSCI, sentiment does not support the buyers. position was closed.

I might be wrong, I found no reason to hold on Long position. One trade, 0 point gain.

RE: SIMSCI 21-June-2006: Long Trade

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Another reversal trade again. Long position was established at 277.3 which is above previous resistance. My initial target is set at 278.5 which was previous high (resistance area) in 15-min chart. As Nikkei and HangSeng are having small gain and tend to be flat, I do not expect a strong bull run in SIMSCI today.

SIMSCI 21-June-2006: Potential Short

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So it sets to be a negative morning. Nikkei opened slightly positive and drifting down to negative territory now. No surprise for SIMSCI Futures. It is flat with negative biased. It is still too early to define direction for the day. I am watching it closely for trading opportunity.

Paper Trade Series: Mini Dow

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15-min Mini Dow

Finally , i got my new charting service up and running. I have been watching Mini Dow for opportunity. I have decided to perform paper trading for few days in order to get use of this new chart service.

First entry is when Mini Dow broke recent downtrend and RSI making is positive divergence. Entry was triggered at 11022 and exit was set at 11041 which is previous high. Target hit. Gain +19 ticks.
Second entry was set at 11054 when higher low in RSI is formed and Mini Dow broke count back entry . Signs of strength. Exit was set at 11090, previous high, resistance area. Target hit. Gain +36 ticks.

Bigger profit was missed, however, the objective is to capture the strong move and exit at the known resistance level to protect profit.

Charting Headache Continues: No trade today

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It is going to take sometime for my new chart service to be activated. Maybe it is time for me to take break after some winning trades for the past 2 weeks. I can't risk by doing day trading with delayed chart.
I 'll be back when the chart is available to me again.

Be a better trader today.

Charting headache: No trade today

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I do not believe it. My broker just replaced their charting service which delays 2 bars. This has a big implication to my day trading strategy. I can't make a timely decision based on the delay chart. I have decided not to trade today in order to sort out the charting problem. This is a bad headache to me.
Anyway, SIMSCI is likely to be moving sideway if not profit taking after strong gain from last Friday. This can be observed first from Nikkei this morning.